TORONTO — CULT Food Science Corp., owner of the Noochies! brand, on May 7 shared recent developments poised to catapult its cellular agriculture pet nutrition portfolio to new heights. This is thanks in part to recent strategic funding through a private placement of common shares and purchase warrants.
The company closed a private placement of 16 million units — each of which includes one common share of capital in CULT and one common share purchase warrant — at a price of $0.05 Canadian dollars (CAD) (about $0.04 USD) per unit. The placement is expected to result in gross proceeds of $800,000 CAD (about $584,988 USD).
“CULT is uniquely positioned to play a key part in the transformation of our food system,” said Mitchell Scott, chief executive officer at CULT Food Science. “The funds raised in this private placement will allow us to further scale our portfolio company Noochies and establish it as a fast growing, sustainable pet food brand. We will also be cultivating new partnerships in the cellular agriculture space.”
CULT Food Science will leverage scientific expertise and technological capabilities from Further Foods, of which CULT owns 90%, to drive innovation for the Noochies! brand. This includes accelerating sales trajectories, enhancing branding and finetuning IP licensing.
Further Foods will oversee Noochies! proprietary ingredient platform — which consists of three ingredients: Bmunne, Bflora and Bmeaty — as well as its patented freeze-drying process to continue to develop the brand, as well as offer its unique capabilities for private label customers outside of North America.
Further Foods will also explore joint venture opportunities to capitalize on its unique positioning and identify passive revenue streams for its proprietary ingredients.
“Noochies! ingredient stack when coupled with its IP and advanced formulation techniques have the potential to function as the scaffolding for a more ethical pet food future,” the company stated.
CULT Food Science will also explore new store placements and upgrades to its direct-to-consumer platform in an effort to broaden its audience of pet owners.
“With full funding now secured, we are geared to scale Noochies! marketing initiatives and enhance its market presence,” Scott said. “Our ownership of Further Foods and strategic use of its unique products not only strengthen our market position but also amplify our overall impact in the food technology space. This is an exciting time for CULT as we drive forward to transform the pet nutrition landscape with sustainable and innovative solutions.”
To bolster its emphasis on becoming a pioneer in lab grown meat, CULT Food Science announced May 9 it has appointed Mark Binns as capital markets advisor. Binns will be tasked with expanding the company’s visibility at various points in the market, including institutional capital.
“Having seen the significant impact of being a first mover in the crypto market, I recognize a similar groundbreaking opportunity with CULT in the lab-grown meat industry,” Binns said. “I am eager to leverage my experience to start meaningful conversations with brokers, family offices and institutional investors, especially in the United States, to highlight CULT’s innovative approaches and potential.”
Scott added, “We are thrilled to have Mark join our team. Not only is he an excellent builder and entrepreneur — he has also had tremendous success in the Canadian public markets. As the only publicly traded company in Canada focused on cellular agriculture, we see a huge opportunity to collaborate with Mark to open his network of institutional capital, family offices and brokers and enhance our visibility in the capital markets.”
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