01:48 PM EST, 03/08/2024 (MT Newswires) -- CubicFarm Systems Corp. ( CUBXF ) , a local chain agricultural technology company, said Friday that it has secured an extension from the TSX Venture Exchange for the closing of the second tranche of its non-brokered private placement of up to 10.3 million units at C$0.20 apiece for gross proceeds of up to C$2.5 million.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will allow the holder to buy one common share at an exercise price of C$0.25 per common share for 24 months from the date of issuance.

The second tranche of the private placement is expected to close by March 15.

The company's stock was up 5% on last look on Friday.

CubicFarms is a local chain agricultural technology company.

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