CubicFarm Systems Corp. Announces Reinstatement of Trading on the TSX Venture Exchange and Company Updates
CubicFarm Systems Corp. (TSXV: CUB) has announced the reinstatement of its common shares trading on the TSX Venture Exchange following the revocation of a failure-to-file cease trade order (FFCTO) on January 16, 2025. The FFCTO was initially issued by the British Columbia Securities Commission on July 15, 2024.
The company disclosed that interim CEO John de Jonge and his wholly-owned company provided an unsecured, interest-free loan of $1,288,438 as of September 30, 2024, to support working capital and operational needs. This transaction, while constituting a related party transaction, is exempt from formal valuation and minority shareholder approval requirements.
Additionally, CubicFarms is involved in a legal claim from November 21, 2021, regarding an alleged breach of a consulting agreement. A mediation is scheduled for April 2025, and the company maintains a strong position in its defense, stating the claim is not expected to materially affect its business operations or financial condition.
CubicFarm Systems Corp. (TSXV: CUB) ha annunciato il ripristino della negoziazione delle sue azioni ordinarie sulla TSX Venture Exchange, a seguito della revoca di un ordine di cessazione di negoziazione per mancata presentazione (FFCTO) avvenuta il 16 gennaio 2025. L'FFCTO era stato inizialmente emesso dalla British Columbia Securities Commission il 15 luglio 2024.
L'azienda ha rivelato che l'amministratore delegato ad interim John de Jonge e la sua azienda interamente posseduta hanno fornito un prestito non garantito e senza interessi di $1.288.438 al 30 settembre 2024, per supportare il capitale circolante e le esigenze operative. Questa transazione, pur costituendo una transazione con parti correlate, è esente dai requisiti di valutazione formale e di approvazione da parte degli azionisti di minoranza.
Inoltre, CubicFarms è coinvolta in una causa legale a partire dal 21 novembre 2021, riguardante un presunto inadempimento di un contratto di consulenza. Una mediazione è programmata per aprile 2025, e l'azienda sostiene una posizione forte nella sua difesa, affermando che la richiesta non dovrebbe influire materialmente sulle sue operazioni aziendali o sulla sua situazione finanziaria.
CubicFarm Systems Corp. (TSXV: CUB) ha anunciado la reinstitución de la negociación de sus acciones ordinarias en la TSX Venture Exchange, tras la revocación de una orden de cese de negociación por incumplimiento de presentación (FFCTO) el 16 de enero de 2025. La FFCTO fue emitida inicialmente por la British Columbia Securities Commission el 15 de julio de 2024.
La compañía reveló que el CEO interino John de Jonge y su empresa de propiedad total han proporcionado un préstamo no asegurado y sin intereses de $1,288,438 al 30 de septiembre de 2024, para respaldar el capital de trabajo y las necesidades operativas. Esta transacción, aunque constituye una transacción con partes relacionadas, está exenta de requisitos de valoración formal y de aprobación de accionistas minoritarios.
Además, CubicFarms está involucrada en una demanda legal desde el 21 de noviembre de 2021, relacionada con una supuesta violación de un contrato de consultoría. Una mediación está programada para abril de 2025, y la compañía mantiene una posición sólida en su defensa, afirmando que se espera que la reclamación no afecte materialmente sus operaciones comerciales o su situación financiera.
CubicFarm Systems Corp. (TSXV: CUB)는 2025년 1월 16일에 제출 실패로 인한 거래 중지 명령(FFCTO)이 해제됨에 따라 TSX 벤처 거래소에서 보통주 거래를 재개한다고 발표했습니다. FFCTO는 2024년 7월 15일 브리티시컬럼비아 증권 위원회에 의해 처음 발급되었습니다.
회사는 임시 CEO인 John de Jonge와 그의 완전 소유 회사를 통해 2024년 9월 30일 기준으로 $1,288,438의 무담보 무이자 대출을 제공해 운영 자본과 운영 필요를 지원했다고 밝혔습니다. 이 거래는 관계자 거래로 간주되지만, 공식 평가 및 소액주주 승인 요구 사항에서 면제됩니다.
또한, CubicFarms는 2021년 11월 21일부터 시작된 컨설팅 계약 위반에 대한 법적 청구에 연루되어 있습니다. 조정이 2025년 4월로 예정되어 있으며, 회사는 방어에서 강력한 입장을 유지하고 있으며 해당 청구가 비즈니스 운영이나 재무 상태에 중대한 영향을 미치지 않을 것이라고 밝혔습니다.
CubicFarm Systems Corp. (TSXV: CUB) a annoncé la réintégration de la négociation de ses actions ordinaires sur la TSX Venture Exchange suite à la révocation d'un ordre de cessation de négociation pour non dépôt (FFCTO) le 16 janvier 2025. Le FFCTO avait été initialement émis par la British Columbia Securities Commission le 15 juillet 2024.
L'entreprise a révélé que le PDG intérimaire John de Jonge et sa société entièrement détenue avaient fourni un prêt non garanti et sans intérêts de $1,288,438 au 30 septembre 2024, pour soutenir le fonds de roulement et les besoins opérationnels. Cette transaction, bien qu'elle constitue une transaction avec des parties liées, est exemptée des exigences d'évaluation formelle et d'approbation des actionnaires minoritaires.
De plus, CubicFarms est impliquée dans une réclamation légale depuis le 21 novembre 2021, concernant une prétendue violation d'un contrat de conseil. Une médiation est prévue pour avril 2025, et l'entreprise maintient une position forte dans sa défense, affirmant que la réclamation ne devrait pas avoir d'impact matériel sur ses opérations commerciales ou sa situation financière.
CubicFarm Systems Corp. (TSXV: CUB) hat die Wiederaufnahme des Handels mit seinen Stammaktien an der TSX Venture Exchange angekündigt, nachdem am 16. Januar 2025 eine Einstellung des Handels aufgrund einer Nichtvorlage (FFCTO) aufgehoben wurde. Die FFCTO wurde ursprünglich am 15. Juli 2024 von der British Columbia Securities Commission ausgesprochen.
Das Unternehmen gab bekannt, dass der interimistische CEO John de Jonge und sein vollständig im Besitz befindliches Unternehmen am 30. September 2024 ein ungesichertes, zinsfreies Darlehen in Höhe von $1.288.438 zur Unterstützung des Betriebskapitals und der operativen Bedürfnisse bereitgestellt haben. Diese Transaktion stellt zwar eine Transaktion mit nahestehenden Personen dar, ist jedoch von den Anforderungen an eine formale Bewertung und der Zustimmung von Minderheitsaktionären ausgenommen.
Darüber hinaus ist CubicFarms in einen Rechtsstreit vom 21. November 2021 verwickelt, der einen angeblichen Verstoß gegen einen Beratungsvertrag betrifft. Eine Mediation ist für April 2025 angesetzt, und das Unternehmen vertritt eine starke Position in seiner Verteidigung und erklärt, dass der Anspruch voraussichtlich keine wesentlichen Auswirkungen auf seine Geschäftstätigkeit oder finanzielle Lage haben wird.
- Trading reinstatement approved on TSX Venture Exchange
- Secured $1,288,438 in interest-free financing for working capital
- Previously suspended from trading due to failure-to-file cease trade order
- Facing legal claim for alleged breach of consulting agreement
Vancouver, British Columbia--(Newsfile Corp. - January 28, 2025) - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a local chain agricultural technology company, is pleased to announce, further to its previous press release of July 15, October 2, October 17, October 29, 2024, and January 17, 2025, that the TSX Venture Exchange (the "Exchange") has accepted its application for reinstatement of trading of the Company's common shares on the Exchange. The Exchange suspended trading in the common shares as a result of a failure-to-file cease trade order (the "FFCTO") issued by the British Columbia Securities Commission on July 15, 2024. The FFCTO was revoked on January 16, 2025. The Company expects its common shares to reinstate trading on the Exchange soon.
Company Updates
As of September 30, 2024, John de Jonge, interim CEO of the Company, and a company wholly owned by him provided a loan of
The Company is party to a claim that arose in the ordinary course of business on November 21, 2021, asserting that the Company was in breach of a consulting agreement by failing to make required payments and by purporting to terminate the services of the plaintiff, contrary to the terms that were agreed. The Company has a scheduled mediation in April 2025 and believes strongly in its position. As at today's date, the potential exposure the Company faces cannot be measured reliably, and the claim is not expected to have a material effect on the business, operations or financial condition of the Company.
About HydroGreen
HydroGreen's Automated Vertical Pastures™ technology utilizes a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour and water. HydroGreen's fully automated indoor growing technology performs all growing functions including seeding, watering, lighting, harvesting, and re-seeding-all with the push of a button-to deliver nutritious fresh forage for livestock without the typical investment in fertilizer, chemicals, fuel, field equipment, and transportation. Automated Vertical Pastures™ not only provide superior nutritious feed to benefit the animal but also enable significant environmental benefits to the farm.
About CubicFarms
CubicFarms is a local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
For more information, please visit https://cubicfarms.com or contact:
Michael Kyne
Chief Financial Officer
+1 236 305 6091
Email: info@cubicfarms.com for media or investors@cubicfarms.com for investor inquiries.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking and other cautionary statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to the trading of the Company's common shares on the Exchange, repayment of the related party loan or the outcome of litigation. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of CubicFarm Systems Corp., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including, without limitation, the risk of the Company not being reinstated with the TSXV and the other factors disclosed under "Risk Factors" in the Company's annual information form for the year ended December 31, 2022, and those risks described in other documents incorporated or deemed to be incorporated by reference in the prospectus. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238796
FAQ
When will CUBXF resume trading on the TSX Venture Exchange?
What was the size of the loan provided to CUBXF in September 2024?
Why was CUBXF suspended from trading in July 2024?
What legal challenges is CUBXF currently facing?
