CULT Food Science Corp (CSE:CULT, OTCQB:CULTF) has announced the closing of a non-brokered private placement led by international family offices under which the company issued 13,495,700 units at a price of $0.10 per unit for aggregate gross proceeds of $1,349,570.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $0.20 for a period of two years from the date of issuance.
"We are thrilled to close this highly strategic financing round with family offices who believe deeply in cellular agriculture and the exciting future that we are building. Investors who are both aligned with our mission and who can also provide valuable insight and guidance in helping us be a leader in cellular agriculture and precision fermentation are an important part of our path towards long-term success," commented Lejjy Gafour, chief executive officer of CULT Food Science in a statement.
"We see this group of investors not just as sophisticated capital, but as trusted partners and collaborators on our journey ahead," he added.
READ: CULT Food Science says Marc Lustig becomes largest individual shareholder after acquiring 15% stake
All securities issued in the offering are subject to a statutory four-month and one-day hold period from the date of issuance under applicable securities laws of Canada.
CULT Food Science is the first publicly-traded company of its kind in North America, pioneering the investment, development, and commercialization of cellular agriculture technologies and products.
Through its global portfolio of affiliates, CULT Food Science provides investors with unprecedented exposure to the most innovative start-up, private or early-stage cultivated meat, cell-based dairy, and other cultured food companies around the world.
CULT Foods, a division of CULT Food Science, creates breakthrough products that provide a sustainable, environmental, and ethical solution for the future of food, with the mission to make cell-based foods a part of everyday life.
Contact the author at jon.hopkins@proactiveinvestors.com