Mota Ventures Corp. cancelled the letter of intent to acquire StillCanna Inc..
The transaction is subject to completion of due diligence, negotiation of definitive, legally-binding documentation, receipt of regulatory and court approvals, approval of the Stillcanna shareholders, receipt of a satisfactory fairness opinion in respect to the transaction, Stillcanna having arranged to amend the terms of certain existing employment and consulting engagements, shareholders of Stillcanna holding at least 40 million of the outstanding share capital of Stillcanna having agreed to the terms of a pooling arrangement restricting their ability to trade one-half of the Mota shares they receive for a period of six months following completion of the transaction, Stillcanna having positive working capital of not less than CAD 6 million and Mota completing a private placement of units to raise gross proceeds of not less than CAD 5 million. The transaction has been unanimously approved by the Board of Directors of Mota and StillCanna.
Mota Ventures Corp. (CNSX:MOTA) cancelled the letter of intent to acquire StillCanna Inc. (CNSX:STIL) on March 2, 2020. Mota Ventures and StillCanna terminated the letter of intent due to current market conditions, which have made it difficult to meet the requirements of the letter of intent, as well as negative investor sentiment. In connection with termination of the letter of intent, Mota Ventures will not proceed with private placement of units to raise gross proceeds of CAD 5 million.