Thoughtful Brands Inc. (PEMTF)

[Luckypennyman]

Mota Raises $2.8 Million in Additional Private Placement


https://investingnews.com/daily/cannabis-investing/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.