TORONTO, - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN00), 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 the extension of its non-brokered private placement offering of units, previously announced on June 10, 2024 (the "Offering"), to provide additional time for potential investors to participate in this unique investment opportunity.
The first tranche of the Offering closed on July 5, 2024 for gross proceeds of C$1,426,500 through the sale of 5,706,000 Units at a price of C$0.25 per Unit, as defined herein. The second tranche of the Offering will now remain open until on or about September 6, 2024.
The total Offering will still be up to 10,000,000 units (each, a "Unit", collectively the "Units") at a price of C$0.25 per Unit for aggregate gross proceeds of up to C$2,500,000. 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 C$0.35 per share for a period of two years following the closing of the Offering.
The Company may pay finder's fees in connection with the Offering. The net proceeds raised from the Offering are expected to be used to advance Noochies!, the flagship brand of the Company's subsidiary, Further Foods Inc., for marketing, and for working capital and general corporate purposes. All securities to be issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company may close the Offering in one or more additional tranches. Insider participation in the Offering is not anticipated at this time.
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