TORONTO,- CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), a pioneer in the investment, development, and commercialization of cellular agriculture technologies and products, is pleased to announce a non-brokered private placement offering of up to 16,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $800,000 (the "Offering").
Each Unit will consist of one common share in the capital of the Company and one transferrable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company at an exercise price of $0.06 per share for a period of two years following the closing of the Offering.
The proceeds raised from the Offering are expected to be used for working capital and general corporate purposes, and all securities to be issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
Source : Newswire.ca