CubicFarm Systems Corp. announced a non-brokered private placement of 5,000,000 Units at a price of CAD 0.20 per Unit for gross proceeds of CAD 1,000,000 on May 23, 2024. Each Unit consists of one common share of the company and one-half of one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share of the company at an exercise price of CAD 0.25 per common share for a period of 24 months from the date of issuance. The securities offered in the Private Placement are subject to a four month and a day transfer restriction from the date of issuance expiring on September 24, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Completion of the Private Placement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The transaction will include participation from John de Jonge for 500,000 Units.

On the same date, the company has issued 2,875,000 Units at a price of CAD 0.20 per Unit for gross proceeds of CAD 575,000 in its first tranche closing.