"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," it said in a statement.
The company aims to establish sales channels and a distribution network internationally through the acquisition of the Sativida and First Class CBD brands.
The group issued over 6.14 million units at C$0.28 a throw. Each unit consists of one company share and one share purchase warrant, which is exercisable to buy a further share for C$0.38 for 24 months.
"It is a major accomplishment for the company to be able to raise capital during this uncertain time in the market," said Ryan Hoggan, chief executive at Mota.
"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."
Also in Wednesday's statement, the firm said it will settle outstanding debt of C$283,500, which is owed to an arms-length creditor, in consideration for services previously provided.
Mota issued 1,012,500 units at a deemed price of C$0.28 each to settle the debt.
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