Forza innovations Inc. (OTCMKTS:FORZ) was up 11% after the company announced securing financing of $3 million under the equity line of credit structure with Tangiers Global LLC for funding its product development and operations.
On Tuesday, FORZ stock jumped 10.85% at $0.1440 with more than 177.66K shares, compared to its average volume of 76.32K shares. The stock has moved within a range of $0.1346 – 0.1521 after opening the trade at $0.1346.
Secures $3 Mln Equity Line of Credit Financing
The company signed a definitive agreement with Tangiers for a $3 million equity line of credit through an Investment Agreement and Registration Rights Agreement. According to the Financing Agreements, Forza has the sole option of deciding to sell common shares to Tangiers in batches up for an aggregate of $3 million. Notably, the Investment Agreement requires Tangiers to acquire its stock in amounts of around $300,00 per drawdown over 36 months, subject to volume-related limitations.
CEO John Forzani said they are pleased to have secured the $3 million equity line with Tangiers Global. Forzani said they believe the agreement is a vote of confidence in the company’s future prospects by an established investment company. So in the coming months, FORZ is worth keeping an eye on.
Forza’s Chief Executive Officer Johnny Forzani commented, “We are thrilled to have secured this $3,000,000 Equity Line with Tangiers Global, LLC, and believe this agreement to be a great vote of confidence in our future prospects by a well-established investment firm. The financing strategy should allow us to scale manufacturing, and ramp up our R&D to further develop the WarmUp product line, creating new IP along the way. The management team is very excited about the future of Forza Innovations Inc. We are motivated, inspired, and ready to propel the Company to the next level.”