Mr. Dwight Anderson reports
OSPRAIE AG SCIENCE, LLC ACQUISITION OF SECURITIES OF CUBICFARM SYSTEMS CORP.
Ospraie Ag Science LLC has purchased 7.5 million common shares of Cubicfarm Systems Corp. pursuant to private share purchase agreements at a purchase price of 70 cents per common share for total consideration of $5.25-million.
Before the transaction, Ospraie held 22,000,630 common shares of Cubicfarm, representing approximately 18.9 per cent of the current issued and outstanding common shares on a non-diluted basis. Following the transaction, Ospraie owns and exercises control and direction over an aggregate of 29,500,630 common shares of Cubicfarm, representing approximately 25.4 per cent of the issued and outstanding common shares of Cubicfarm on a non-diluted basis.
In carrying out the transaction, Ospraie relied on the exemption from the takeover bid requirements of applicable securities law that is set out in Section 4.2 of National Instrument 62-104 (Take-Over Bids and Issuer Bids).
The securities of Cubicfarm were acquired for investment purposes. Ospraie reviews its holdings in Cubicfarm from time to time and may, depending on such review, market and other conditions and subject to compliance with applicable hold periods, increase or decrease its ownership of common shares, other securities of Cubicfarm or related financial instruments, whether in the open market, by privately negotiated transaction or otherwise.
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