Mobile marketing and content company Motopia (ASX:MOT) has secured a $15 million long-term funding facility with US-based Dutchess Capital.
The agreement allows Motopia to access the funding at up to $300,000 per drawdown – increasing to $500,000 if both parties agree – in exchange for holdings in the company.
Under the terms of the deal, Dutchess Capital's stake in Motopia will at no time exceed 19.99%.
Motopia will apply the funds towards several projects it has in the pipeline, with plans to “accelerate the rollout of these projects in the months ahead,” CEO Matthew Gerard said.
He said the investment agreement “demonstrates that Motopia is on the world stage and that our suite of full service mobile marketing solutions is being noticed.”
Motopia, formerly known as MedicVision, changed its focus to the mobile content market last year after acquiring the mConnect group.
MOT shares grew 5.97% in Friday's trading to $0.071.