Cult Food Science Closes Debt Settlements
Cult Food Science, a Canadian food technology platform pioneering the commercialization of cultivated meat, has announced the settlement of outstanding debts owed to its creditors. As part of the settlement agreements, the company issued 2,997,000 shares at a price of $0.05 each. Of these, 1,017,000 are subject to a four month and one day hold period due to National Instrument 45-105 – Prospectus Exemptions. The remainder are not subject to a hold period, in accordance with Ontario Securities Commission Rule 72-503 – Distributions Outside Canada. The news comes after the company’s board of directors determined that it would be in the business’ best interest to complete the debt settlement in order to preserve cash for working capital. Commercializing exciting technologies Cult Food Science boasts an …
