TORONTO, - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry, is pleased to announce a non-brokered private placement offering of up to 10,000,000 units (the "Units") at a price of $0.25 per Unit for aggregate gross proceeds of up to $2,500,000 (the "Offering").
Each Unit will consist of one common share in the capital of the Company and one transferrable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company at an exercise price of $0.35 per share for a period of two years following the closing of the Offering.
The Company may pay finder's fees in connection with the Offering. The net proceeds raised from the Offering are expected to be used to advance Noochies!, the flagship brand of the Company's subsidiary, Further Foods Inc., for marketing, and for working capital and general corporate purposes. All securities to be issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company may close the Offering in one or more tranches. Insider participation in the Offering is not anticipated at this time.
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