CULT Food Science Announces Closing of Private Placement

TORONTO, - 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, is pleased to announce that the Company has closed the non-brokered private placement ("Private Placement") of units ("Units") previously announced on April 17, 2024 for gross proceeds of C$800,000 through the sale of 16,000,000 Units at a price of C$0.05 per Unit.

Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant will be exercisable into one Common Share at a price of C$0.06 per share for two (2) years from the date of issue.

The proceeds from the Private Placement are intended to be used for working capital and general corporate purposes. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period from the date of issue pursuant to National Instrument 45-105 – Prospectus Exemptions.

PowerOne Capital Markets Limited acted as a finder in connection with a portion of the Private Placement. In connection with the Private Placement, the Company paid aggregate cash finder's fees of $36,750 and issued 735,000 finder's units (each, a "Finder Warrant"), each Finder Warrant being exercisable into one Unit at a price of $0.05 for a period of two (2) years from the date of Closing.