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 investment portfolio featuring numerous companies in the cell-cultivated products sector, including Ohayo Valley, Eat Just, Umami Meats, MeliBio, and more. The company also owns 90% of Further Foods, the producer of cruelty-free pet food brand Noochies. Last year, Cult Food Science raised CAD$800,000 to expand the Noochies range, which is made using a unique cultured yeast ingredient.
In December, Cult Food Science announced it had executed a binding Letter of Intent (LOI) to acquire The Better Butchers Inc. The two companies share the same CEO, Mitchell Scott.
“I joined CULT for two main reasons: the breadth and strength of their portfolio companies and their focused investment in the cellular agriculture space,” said Scott. “Along with their desire to acquire a majority position and build some of the first companies in the space to commercialize these exciting new technologies.”
