VANCOUVER, BC / ACCESSWIRE / April 1, 2020 / Mota Ventures Corp. (CSE:MOTA)(FSE:1WZ:GR)(OTCPINK:PEMTF) (the "Company") is pleased to announce that it has completed an offering (the "Offering") of 6,142,859 units (each, a "Unit") by way of non-brokered private placement at a price of $0.28 per Unit for gross proceeds of $1,720,000. 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.
The Company anticipates utilizing the proceeds of the Offering to further develop and market products under the First Class CBD brand, and provide support for ongoing operations of Sativida, and for general working capital purposes. In connection with completion of the Offering, the Company has issued 178,215 Shares to certain arms-length parties who assisted in facilitating the Offering.
"It is a major accomplishment for the Company to be able to raise capital during this uncertain time in the market. This demonstrates the high level of confidence our investors have in the company. We expect additional funding of First Class CBD to directly affect revenue, and should put us in a position to exceed expectations this year," stated Ryan Hoggan, CEO of the Company.
The Company also announces that it will settle outstanding indebtedness of $283,500, owing to an arms-length creditor, in consideration for services previously provided to the Company (the "Debt Settlement"). Under the terms of the Debt Settlement, the Company has issued 1,012,500 Units, at a deemed price of $0.28 per Unit, in settlement of the indebtedness.
All securities issued in connection with the Offering, and the Debt Settlement, 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.
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 completion of the Debt Settlement, 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.
SOURCE: Mota Ventures Corp.