Key Takeaways
- CULT Food Science Corp. has settled debts totaling $23,035 with two creditors through the issuance of 650,706 shares.
- The shares will be issued at a price of $0.0354 each and are exempt from a hold period, allowing for free trading.
- The board prioritized this debt settlement to preserve cash for working capital.
Debt Settlement Details
CULT Food Science Corp., based in Toronto, Ontario, has announced the completion of debt settlement agreements with two arm’s-length creditors, totaling $23,035. As part of this debt settlement, the company will issue 650,706 shares valued at $0.0354 each. This transaction will be executed under section 2.24 of NI 45-106, which allows the shares to be exempt from hold periods, making them freely tradable.
The board of directors decided that settling these debts was in the company’s best interest, particularly in light of the need to preserve cash reserves for ongoing working capital. This move illustrates CULT’s strategic focus on maintaining its financial stability while advancing its innovative mission in the food technology sector.
About CULT Food Science
CULT Food Science is at the forefront of the lab-grown meat and cellular agriculture movement, seeking to reshape the global food landscape. The company boasts a strong portfolio of investments in leading-edge, venture-backed companies within this sector, providing investors with access to the future of food.
Led by a team of seasoned experts with extensive experience in food technology and product commercialization, CULT is dedicated to spearheading a food revolution. More information is available on the company’s website and in its regulatory filings.
For further details, stakeholders can reach CULT Food Science Corp. through their contact email or telephone number provided on their official webpage.
Forward-Looking Statements
This announcement includes forward-looking statements regarding the company’s anticipated future performance and operations. As with all forward-looking statements, these projections are subject to risks and uncertainties that could cause actual results to differ significantly. Key factors include potential financing needs, reliance on essential personnel, and market volatility. Investors are encouraged to review the company’s MD&A and all regulatory disclosure documents for more information.
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