CubicFarms:

Canadian vertical farm announces closing of public offering

CubicFarm announced the closing of its previously announced bought deal public offering of common shares of the company. The offering was conducted through a group of underwriters consisting of Raymond James, Stifel Nicolaus Canada, Canaccord Genuity, and Echelon Wealth Partners, by way of the short form base shelf prospectus of the company dated December 14, 2020, as amended and restated on April 20, 2021, as further amended and restated on October 13, 2021, and as supplemented by a shelf prospectus supplement dated November 19, 2021, prepared and filed in each of the provinces of Canada, other than the Province of Quebec, and by way of a private placement in the United States.

Pursuant to the Offering, the Company issued a total of 16,000,000 Common Shares at a price of C$1.25 per Common Share for gross proceeds to the Company of C$20,000,000.

The net proceeds from the Offering will be used for continued organic growth, technology development, working capital, and general corporate purposes.

"As we transition into a year of significant growth, this financing strengthens our balance sheet and supports our expanding business development and sales efforts," said Dave Dinesen, Chief Executive Officer, CubicFarms. "We're pleased to welcome new additional retail and institutional shareholders along with our existing shareholders in the Company on our mission to transform agriculture and enable farmers and ranchers to grow sustainably for generations to come."

For more information:
CubicFarms
1-888-280-9076
info@cubicfarms.com
www.cubicfarms.com


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