Marijuana Company of America Announces a $5 Million Fixed Funding Commitment
August 01, 2017 11:25 ET
ESCONDIDO, CA--(Marketwired - Aug 1, 2017) - MARIJUANA COMPANY OF AMERICA, INC. ("MCOA" or the "Company") (OTC PINK: MCOA), an innovative cannabis and hemp marketing and distribution company, announced today that it has signed an investment agreement with Tangiers Global, LLC ("Tangiers") for a Fixed Funding Commitment which will provide the Company with an equity investment of up to $5 million. The funding is subject to and contingent upon the Company filing an S-1 registration statement with the Securities and Exchange Commission, and having the Commission deem the registration effective. Concurrent with execution of the investment agreement, the Company also entered into a bridge loan facility with a face value of $250,000 pursuant to which it issued a 10% fixed price convertible promissory note. Proceeds of both the bridge loan and equity facilities may be used for working capital purposes and to pursue acquisitions or other strategic opportunities.
Donald Steinberg, President and CEO of MCOA, commented:
"We are excited to partner with Tangiers. They have committed to providing us with the capital we require to rapidly grow the business. Their decades of experience and knowledge will provide us with the edge we need to effectively position the Company in the marketplace. They thoroughly understand MCOA, our industry and our ambitious goals -- our partnership will ensure that we meet those goals and maximize shareholder value."
The Director of Investments at Tangiers stated: "Marijuana Company of America, Inc.'s strong management team is executing MCOA's business plan in a highly effective manner and the Company is well positioned in an industry that is expanding at an extremely fast pace. We see significant upside potential in their operations and look forward to financing their expansion for the long-term with the money we have committed.
SAFE HARBOR STATEMENT
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
Marijuana Company of America, Inc.