CubicFarm Systems Corp. announced a non-brokered private placement of up to 10,250,000 units at a price of CAD 0.20 per unit for the gross proceeds of CAD 2,050,000 on February 12, 2024. Each unit will consist 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.

On the same date, the company announced that it has issued 4,505,502 units at a price of CAD 0.20 per unit for gross proceeds of approximately CAD 900,000 in its first tranche closing. The securities offered in the first tranche are subject to a four month and a day transfer restriction from the date of issuance expiring on June 10, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The transaction included participation from new investor John de Jonge.