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CubicFarm Systems Corp. Announces Completion of $6.4 Million Senior Secured Term Loan
Friday, September 23, 2022Company Profile | Follow Company
Langley, BC, September 23, 2022--(T-Net)--CubicFarm Systems Corp. (TSX:CUB), a local chain agricultural technology company, announced that it has completed the closing of a CAD6.4 million secured revolving term loan to support business operations.
The Term Loan amount increased from CAD $6.25 million, as previously announced on September 14, 2022, to CAD $6.4 million.
The Company drew the full amount at Closing.
The lender of the Term Loan also received share purchase warrants in HydroGreen, Inc. ("HGI"), a wholly-owned subsidiary of the Company, to purchase, in aggregate, approximately USD $4.8 million of HGI shares at a USD $20.0 million pre-money valuation, in accordance with the previous announcement.
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.
This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "target," "believe," "plan," "outlook," "estimate," or "expect" and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. [ MORE ] |
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