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Mentor Capital gets $1.3 million for marijuana biz

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San Diego-based Mentor Capital Inc. (OTCQB: MNTR) entered into a contract to receive $1.287 million in funding to support its medical marijuana efforts in exchange for 757,059 shares of stock at $1.70 per share.

The long-term funding will be delivered evenly over an 11-year schedule, which implies a 17.73 percent annual growth rate for Mentor Capital.

The investing party will become a 4.9 percent shareholder in exchange for cash infusions over time equal to approximately 11.5 percent of the current market capitalization of Mentor Capital.

“This is the second step we have taken with this angel investor and we appreciate the continued vote of confidence,” said Chet Billingsley, CEO. “In our previously concluded $117,000 transaction, Mentor profited by a 30 percent discount over eight months or a 45 percent annualized rate of return.”

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