CULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT) (OTC: CULTF) (FRA: LN0), a leader in cellular agriculture technology and product development, announces it has raised CAD$800,000 to expand the portfolio of Noochies! and solidify its position as a fast-growing, sustainable pet food brand.
“CULT is uniquely positioned to play a key part in the transformation of our food system”
According to the announcement, CULT Food Science completed a private placement by selling 16,000,000 units for CAD$0.05 per unit. Each unit consists of one common share and one common share purchase warrant. The warrant allows the holder to purchase additional shares at a specified price within two years. PowerOne Capital Markets Limited acted as a finder in the private placement transaction and received $36,750 in cash finder’s fees and 735,000 finder’s units (Finder Warrants) as compensation. Each Finder Warrant can be exercised into one unit for $0.05 within two years from closing.
Mitchell Scott, CEO of CULT Food Science, comments, “CULT is uniquely positioned to play a key part in the transformation of our food system. 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.”
Cultured yeast protein
CULT Food Science owns 90% of Further Foods, the company behind the cruelty-free and environmentally friendly pet food brand Noochies!, which uses a unique culture protein ingredient called Bmmune instead of factory-farmed chicken or beef.
The treats’ key ingredient, Bmmune, is a freeze-dried yeast protein developed by CULT Food Science, claimed to be a world first. It has been designed to be an ultra-premium ingredient with high protein to fulfill pets’ daily requirements.
According to CULT Food Science, independent testing has verified that Bmmune surpasses industry standards for protein and amino acids, offering a viable or superior alternative to traditional premium animal ingredients. The cultured yeast ingredient also offers fiber and immune-boosting B vitamins and is said to be gut-friendly.
First vegan cat treat
The introduction of Noochies! Freeze-Dried Dog and Cat Snacks last year was a major achievement for CULT Food Science as it marks its first product in North America. It is also said to be North America’s first vegan cat treat, challenging the traditional notion that cats are obligate carnivores and demonstrating the benefits of a vegan diet when supplemented with essential nutrients.
CULT Food Science has partnered with Umami Bioworks to develop a cultivated fish cat product, with JellaTech for animal-free collagen for pet food, and with the Korean startup Everything But to develop pet food products featuring cultivated chicken.
Scott adds, “We will also be cultivating new partnerships in the cellular agriculture space.”
Noochies Freeze-Dried Dog and Cat Snacks are available through the company’s website.
