Mota Raises $2.8 Million in Additional Private Placement
Mota Ventures Corp. (CSE:MOTA)(FSE:1WZ:GR)(OTCPINK:PEMTF) (the “Company”) is pleased to announce that it has completed a further offering (the “Offering”) of 9,944,000 units (each, a “Unit”) by way of non-brokered private placement at a price of $0.28 per Unit for gross proceeds of $2,784,320. Each Unit consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”) exercisable to acquire an additional share at a price of $0.38 for a period of twenty-four months, expiring on April 21, 2022. When combined with the earlier offering completed by the Company on April 1, 2020, the Company has raised gross proceeds of $4,504,320.
The Company anticipates utilizing the proceeds of the Offering to further develop and market products in North America and Europe using its ecommerce sales channels, to satisfy compensation obligations owing to employees based on services provided to the Company and the satisfaction of performance metrics and for general working capital purposes. In connection with completion of the Offering, the Company has paid $75,120 and issued 262,857 common shares and 268,287 Warrants to certain arms-length parties who assisted in facilitating the Offering. The Company has also issued 142,857 Warrants to an arms-length consultant, as partial consideration for services provided to the Company.
All securities issued in connection with the Offering are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.
About Mota Ventures Corp.
Mota Ventures is seeking to become a vertically integrated global CBD brand. Its plan is to cultivate and extract CBD into high-quality value-added products from its Latin American operations and distribute it both domestically and internationally. Its existing operations in Colombia consist of a 2.5-hectare site that has optimal year-round growing conditions and access to all necessary infrastructure. Mota is looking to establish sales channels and a distribution network internationally through the acquisition of the Sativida and First Class CBD brands. Low cost production, coupled with international, direct to customer sales channels will provide the foundation for the success of Mota Ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
MOTA VENTURES CORP.
For further information, readers are encouraged to contact Joel Shacker, President, at +604.423.4733 or by email at IR@motaventuresco.com or www.motaventuresco.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the development and marketing of products under the First Class CBD brand, its plans to become a vertically integrated global CBD brand, its plans to cultivate and extract cannabis to produce CBD and high-quality value added CBD products in Latin America for distribution domestically and internationally and its plans to acquire revenue-producing CBD brands and operations in Europe and North America. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The post Mota Raises $2.8 Million in Additional Private Placement appeared first on Investing News Network.