Correction - CSE New Listing - Mota Ventures Corp. Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2019) - Mota Ventures Corp. (CSE: MOTA) (FSE: 1WZ) (OTCBB: PEMTF) is one of the latest new listings on the Canadian Securities Exchange, having previously traded as Primary Energy Metals. Mota completed the acquisition of NNZ Consulting Corp., a privately held company which, through its subsidiary Ihuana SAS, is licensed to cultivate non-psychoactive cannabis in Colombia for seed production, manufacturing of derivative products such as CBD and for industrial purposes.
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The 2.5-hectare site has optimal year-round growing conditions, access to all necessary infrastructure and is located approximately 2 hours outside of Bogota, 20 minutes from the free trade zone, and 30 minutes from the international airport.
With warm weather and 12 hours of light per day, the company anticipates up to six cultivations per year.
Joel Shacker, CEO, stated: "The acquisition of NNZ and our public listing on the Canadian Securities Exchange is a great accomplishment for the team. We can now continue to execute on our business plan to become a leading producer of premium quality medicinal cannabis products. We have brought together some of the finest Canadian leadership in the cannabis industry, strategic global relationships and a very strong operational team in Colombia that will allow us to become a leader in the international cannabis market."
Phase 1 will consist of a state of the art 60,000 square foot greenhouse with the capacity to produce more than 14 million grams per year along with build out of the company's extraction facilities. The company anticipates a production cost of below $0.20 per gram, much lower than production costs in the industrialized countries. Mota will focus on CBD extraction to produce pure raw CBD, with the goal to make value added CBD products and create its own brand to be sold internationally.
The company recently closed a private placement, raising gross proceeds of approximately $3,660,000 from the placement of approximately 12.2 million units priced at $0.30 per unit, with each unit consists of 1 share and 1 warrant with the warrant exercisable at $0.50 for 24 months.
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Barry Morgan, CFO
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