CULT Food Science Announces Debt Settlement

Executive Summary

• CULT Food Science Corp. agreed to settle a debt by paying $30,000 in cash and issuing 10,000,000 common shares at a deemed price of $0.01 per share.
• The settlement is intended to preserve cash for working‑capital needs and strengthen the balance sheet.
• Shares will be issued as free‑trading securities under NI 45-106 prospectus exemptions.

Key Details

• Cash component: $30,000 payable to an arm’s‑length creditor.
• Equity component: 10,000,000 common shares issued at a deemed price of $0.01 per share (total nominal value $100,000).
• Issuance method: Shares will be free‑trading securities pursuant to section 2.24 of National Instrument 45‑106 – Prospectus Exemptions.
• Purpose: Preserve cash for working capital and improve the company’s balance sheet as determined by the board of directors.
• Board rationale: Completion of the Debt Settlement is in the best interests of the Company.

Notable Quotes

(No direct quotes from executives were included in the release.)