Flote App Inc. announced that it has entered into a share purchase agreement with new investor Barrel Energy, Inc. (OTCPK:BRLL) on February 22, 2021. The investor will acquire 45% stake in the company. The company will raise funding in two tranches; first tranche will be equal to a 25% interest in the equity to close on or before April 30, 2021, raised at a post money valuation of $10 million and second tranche will be raised equal to a further 20% interest in the equity to take place on or before December 31, 2021, at a post money valuation of $30 million. Closing is subject to a number of customary conditions including the accuracy of representations and warranties contained in the agreement. On the same day, the company has raised its first tranche.