Key Takeaways
- CULT Food Science Corp. has successfully concluded a debt settlement agreement totaling $12,238.10.
- The company issued 509,920 shares at $0.024 each as part of the settlement.
- This move is aimed at preserving cash for working capital.
Debt Settlement Completed
CULT Food Science Corp. based in Toronto has announced the closure of a debt settlement agreement, addressing outstanding debts of $12,238.10 owed to an arm’s-length creditor. In this process, the company issued 509,920 new shares, priced at $0.024 each. The shares will remain under a four-month-and-one-day hold period, in compliance with National Instrument 45-105 – Prospectus Exemptions.
The decision to proceed with the debt settlement comes from the board of directors, who believe it is necessary to conserve cash for essential operational needs and working capital. This step reflects CULT’s commitment to managing its financial resources efficiently while engaging in innovative food technology.
About CULT Food Science
CULT Food Science acts as a food technology investment platform, focusing on the commercialization of lab-grown meat and cellular agriculture. The company aims to reshape the global food landscape through strategic investments. These investments may encompass acquiring equity, debt, or securities of various entities, offering financing in return for royalties, or acquiring assets believed to enhance long-term shareholder value.
For more detailed information, stakeholders can explore CULT’s official website and its regulatory filings.
Contact Information
For inquiries, CULT Food Science can be reached via telephone at +1 (888) 733-8581 or through email at IR@CULTFoodScience.com. Additional information is available at CULTFoodScience.com.
Forward-Looking Statements
This announcement includes forward-looking statements regarding expected future business and financial performance. Such statements involve risks and uncertainties that could lead to actual results differing from expectations. Stakeholders are encouraged to review the company’s MD&A and public filings for a detailed understanding of potential risks.
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