“Dave Dinesen, CubicFarms’ CEO comments, “We believe that food security is in a global crisis, and COVID-19 has certainly accelerated this crisis. CubicFarms ag-tech solutions can help break this cycle of long global food supply chains, which would allow local chain agriculture to take place nearby where food is consumed. CubicFarms’ technology has been used effectively by our local growers to grow more fresh food using less land, energy, and water – an outcome with global relevance.”
CubicFarms is pleased to announce that it has entered into an agreement with Raymond James Ltd. as lead underwriter and sole book-runner, on behalf of a syndicate of underwriters pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 11,111,111 common shares in the capital of the Company at a price of C$0.90 per Common Share for aggregate gross proceeds to the Company of approximately $10,000,000.
In addition, CubicFarms intends to enter into a subscription agreement with existing shareholder Harry DeWit, CEO and President of Blue Sky Farms, a Texas and Ohio-based dairy and farming business, pursuant to which Blue Sky Farms will purchase common shares on a private placement basis at the Issue Price for gross proceeds to CubicFarms of up to $5,000,000.”
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