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Akanksha Bakshi

CubicFarm Systems Stock Slides After Overnight Marketed Offering

CubicFarm Systems Corp (TSX:CUB) revealed the price and terms of its overnight marketed public offering announced on May 26, 2022.

The offering includes issuing unsecured convertible debenture units at C$1,000 per Debenture Unit and common shares at C$0.55/share for total gross proceeds of C$10 million.

Each Debenture Unit will consist of one 8% unsecured convertible debenture with a maturity date of 5 years and 400 common share purchase warrants. Each warrant entitles the holder to acquire one common share at an exercise price equal to C$0.71 at any time up to 36 months following the closing.

The Convertible Debentures will not be redeemable before December 31, 2025.

CubicFarm plans to close the offering on June 2, 2022 and intends to use net proceeds to support working capital, research and development, and business development.

Price Action: CUB shares are trading lower by 1.75% at C$0.56 on TSX, and CUBXF is lower by 6.67% at $0.42 on the last check Friday.

Photo Via Company

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