Key Takeaways
- CULT Food Science Corp. will settle a debt by making a cash payment of $30,000 and issuing 10 million shares.
- The shares will be issued at a deemed price of $0.01 each, qualifying as free-trading securities.
- The board believes the settlement will enhance the company’s cash flow and strengthen its balance sheet.
Debt Settlement Announcement
CULT Food Science Corp., an innovative platform in food technology, has announced its agreement to settle a debt with an unrelated creditor. The settlement involves a cash payment of $30,000 along with the issuance of 10 million common shares at a price of $0.01 each. These shares will be classified as free-trading securities under National Instrument 45-106 – Prospectus Exemptions.
The board of directors has stated that this decision is aimed at maintaining working capital and bolstering the company’s balance sheet. This strategic move reflects CULT’s commitment to navigate financial obligations while preserving cash for future growth opportunities.
About CULT Food Science
CULT Food Science focuses on transforming the food industry through investments in lab-grown meat and cellular agriculture. The company’s investment strategy includes acquiring equity or debt in various enterprises, providing financing in exchange for royalties, and offering operational support to portfolio companies. Their mission is to reshape the food system while creating long-term shareholder value through innovation and active management.
For detailed information about CULT Food Science, visit their website or refer to their regulatory filings available online.
Forward-Looking Statements
This notice contains forward-looking statements that reflect management’s current expectations, which may be subject to various risks and uncertainties. Potential factors that could affect outcomes include the company’s ability to complete the debt settlement as planned, business uncertainties, reliance on key personnel, and market volatility. Readers are encouraged not to overly depend on these statements but to consider the potential for actual results to differ.
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