The firm is cancelling a previously announced placing to raise up to C$750,000, it said
. (), the energy metals company, revealed it was set to raise C$3mln via a private placing.
The firm is cancelling a previously announced placing for up to C$750,000 and instead will issue up to 40mln units at C$0.075 each.
Proceeds will be used for the company's exploration programs in Canada and Spain, acquisition costs and for general working capital.
Each unit will consist of one share and one transferable share purchase warrant. Each warrant will be exercisable into a share at an exercise price of C$0.15 with a 12-month expiry.
The company will also have an overallotment option to place up to a further 50% of the financing.
CSE:MOTA
Market: CSE
Market Cap: $11.89 m
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