CubicFarm Systems Corp. Announces Closing of Offering of USD$1M

Dec 20, 2022

CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), is pleased to announce that it has completed the closing of the previously announced offering of units (each, a "Unit") by issuing a total of 21,428,570 Units at a price of CAD$0.063 per Unit for the gross proceeds of USD$1 million (the "Offering"), pursuant to the listed issuer financing exemption under Part 5A of National Instrument NI 45-106 – Prospectus Exemptions.

Each Unit shall be comprised of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant ("Warrant") of the Company. Each Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.078 for a period of two (2) years from the closing date of the Offering.

As a result, there are currently 207,136,774 issued and outstanding Common Shares.

The net proceeds from the issuance of the Units will be used for debt reduction purposes as is more fully described in the offering document, Form 45-106F19, that can be accessed under the Company's profile at www.sedar.com and on the Company's website at www.cubicfarms.com.

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In the spring of 2023 OMAFA, along with the University of Guelph, gathered a group of 18 producers from the beef, sheep, and dairy sectors to support a three to four year research project related to measuring grass growth in Ontario. The producers use a Rising Plate Meter to capture grass growth and record livestock movements. This presentation will explain how the group interact/support one another, some initial findings, as well as the benefits for the research team and our farm.

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