TORONTO , June 10, 2024 /CNW/ – CULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT) (OTC: CULTF) (FRA: LN0), a disruptive food technology platform pioneering the commercialization of lab-grown meat and cellular agriculture to reshape the global food industry, announces a non-brokered private placement offering of up to 10,000,000 units (“Units”) at a price of $0.25 per Unit for aggregate gross proceeds of up to $2,500,000 (the “Offering”).
Each Unit will consist of one common share in the capital stock of the Company and one transferable common stock purchase warrant (the “Warrant”), with each Warrant entitleing the holder to purchase one additional common share in the capital stock of the Company at an exercise price of $0.35 per share for a period of two years following the completion of the Offering.
The Company may pay brokerage fees in connection with the Offering. The net proceeds raised in the Offering are intended to be used for the marketing of Noochies!, the flagship brand of our subsidiary Further Foods Inc., working capital and general corporate purposes. All securities issued in the Offering are subject to a four-month hold period pursuant to applicable Canadian securities legislation. The Company may close this Offering in one or more tranches. Insider participation in this Offering is not currently expected.
Management Commentary
Commenting on the funding announcement, Mitchell Scott, CEO of CULT Food Science, said: “We are impressed with the potential and signs of success already shown by the Noochies! brand. This funding will enable us to further build on our flagship asset and position ourselves as a leader in the sustainable pet food category, significantly expanding our business and capitalizing on potential growth opportunities.”
Additional information regarding the June 4, 2024 news release
On June 4, 2024, the Company announced that it had engaged Triple Bull Consulting Inc. (“Triple Bull”) to provide marketing and investor communications services. Subsequent to that news release, the Company announced that the effective date of the agreement with Triple Bull is June 3, 2024, and that Triple Bull's business address is Suite 2800 – 666 Burrard St Vancouver, BC V6J 2Z3, telephone number is 1-604-773-9423, and email address is [email protected].
About CULT Food Science
CULT Food Science is a disruptive food technology platform pioneering the commercialization of lab-grown meat and cellular agriculture, reshaping the global food industry. CULT's strong investment portfolio in cutting-edge venture-backed cellular agriculture and lab-grown meat companies provides a broad range of investors with access to the future of food. Backed by a team of experts with extensive experience in food technology and consumer food launches, CULT is committed to being at the forefront of the food revolution.
About Further Foods
Further Foods is revolutionizing pet nutrition through its innovative brand, Noochies!. Noochies! utilizes advanced cellular agriculture technology to create pet food products with superior nutritional profiles and ethical standards. Noochies! recently introduced the world's first freeze-dried, high-protein, nutrient-rich pet treats made without factory farming. Noochies! products are currently available in select retailers in the U.S. and online at https://www.noochies.co/.
For additional information, please see our website at cultfoodscience.com or our regulatory documents at sedar.com.
On behalf of our Board of Directors,
Cult Food Science Inc.
“Mitchell Scott”
Mitchell Scott, Chief Executive Officer
Forward-looking information:
The information set forth in this news release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future operating and financial performance and include words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” statements that actions or events “may,” “might,” “should” or “will occur,” or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or other future events, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks associated with the marketing and sales of securities, the need for additional capital, dependence on key personnel, possible conflicts of interest between certain officers or directors and certain other projects; and fluctuations in the price and trading volume of our common stock. Forward-looking statements are made based on management's beliefs, estimates and opinions as of the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates, opinions or other circumstances change, except as required by law. Investors are cautioned not to place undue certainty on forward-looking statements. For more information regarding risks, investors are encouraged to refer to the Company's MD&A and other regulatory disclosure filings available on sedar.com.
Source: Cult Food Science Corporation
For more information, please contact CULT Food Science Corp. Tel: + 1 (888) 733 – 8581, Email: [email protected]Web: CULTFoodScience.com , Twitter: @CULTFoodScience
