VANCOUVER, BC, Sept. 20,
2022 /CNW/ - CubicFarm® Systems Corp.
("CubicFarms" or the "Company") (TSX: CUB), a leading local
chain agricultural technology company, announced that it has
completed the closing of a CAD6.4
million secured revolving term loan (the "Term Loan") to
support business operations (the "Closing").
The Term Loan amount increased from CAD6.25 million, as previously announced on
September 14, 2022, to CAD6.4 million. The Company drew the full amount
at Closing.
The lender of the Term Loan also received share purchase
warrants (the "Warrants") in HydroGreen, Inc. ("HGI"), a
wholly-owned subsidiary of the Company, to purchase, in aggregate,
approximately USD4.8 million of HGI
shares at a USD20.0 million pre-money
valuation, in accordance with the previous announcement.
Additional information
Additional information relating to CubicFarms and other public
filings is available on SEDAR at www.sedar.com or at
www.cubicfarms.com and www.hydrogreenglobal.com.
About CubicFarms and
HydroGreen
CubicFarms is a leading agricultural technology company
developing and deploying proprietary ag-tech technologies to enable
growers to produce high quality, predictable produce and fresh
livestock feed with HydroGreen Nutrition Technology, a division of
CubicFarm Systems Corp. The CubicFarms™ system contains patented
technology for growing leafy greens and other crops on-site,
indoors, year-round.
HydroGreen's Automated Vertical Pastures™ technology produces
high-energy fresh forage at commercial scale 365 days a year using
a unique process to sprout grains, such as barley and wheat, in a
controlled environment with minimal use of land, labour, and water.
Automated Vertical Pastures™ not only provides a superior
nutritious feed to benefit the animal, improving feed efficiency,
cow health, nutrition, and performance outcomes, but also enables
significant environmental benefits to the farm while helping to
meet increasing demand for valuable farm-based inset and offset
carbon credits.
SOURCE CubicFarm Systems Corp.