Key Takeaways
- CULT Food Science Corp. has settled debts totaling $273,350 with an issuance of 18,223,333 shares.
- 8,833,333 shares will be issued without a hold period, while the rest will be subject to a four-month hold.
- The debt settlement aims to preserve cash for working capital to support the company’s growth in lab-grown meat commercialization.
Debt Settlement Agreement
CULT Food Science Corp. has announced a debt settlement agreement with arm’s-length creditors to resolve outstanding debts amounting to $273,350. As part of this settlement, the company will issue a total of 18,223,333 common shares at a deemed price of $0.015 per share.
Of this total, 8,833,333 shares will be issued under section 2.24 of National Instrument 45-106, allowing them to be free trading immediately. The remaining shares will be subject to a statutory hold period of four months and one day following their issuance.
The board of directors has determined that this debt settlement is in the company’s best interests, primarily to conserve cash for essential working capital. This strategic move is aimed at furthering CULT’s mission to innovate in the field of lab-grown meat and cellular agriculture.
About CULT Food Science
CULT Food Science is focused on reshaping the global food industry through investments in lab-grown meat and cellular agriculture. The company engages in various investment activities, including equity acquisitions, debt financing, and operational support for its portfolio companies. It aims to enhance long-term shareholder value while promoting innovation in the food sector.
For more information about CULT Food Science, visit its official website or regulatory filings.
Forward-Looking Statements
The announcement includes forward-looking statements related to future performance and expectations regarding the debt settlement and share issuance. While management believes these statements reflect achievable goals, actual results could differ due to various uncertainties such as market conditions and the need for further financing.
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