Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com) announces today, the first tranche of the private placement announced February 29, 2016 has been completed. The Company has raised CDN$528,000 and will issue 2,640,000 units. Each Unit will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant (“Purchase Warrants”) will entitle the holder to acquire one common share at CDN$0.40. The Purchase Warrants may be exercised at any time until one year from the closing of the Unit Offering
The Unit Offering is subject to applicable regulatory requirements and Canadian Securities Exchange (“CSE”) approval.
The net proceeds raised from the Unit Offering are intended to be used for (i) further development of the Company’s North Las Vegas project (ii) potential licensing investigation and development in Washington State (iii) and general corporate purposes. Marapharm will pay cash finder fees of 10% of the gross proceeds raised from subscriptions in the Unit Offering from persons introduced to the Company by certain eligible Finders. Marapharm will also issue non-transferable common share purchase warrants (“Finder’s Warrants”) equal to 10% of the number of Units subscribed for by persons introduced to the Company by eligible Finders.
Each Finder’s Warrant will allow the Finder to purchase one additional common share at $0.40 for a period of one year from the closing of the Unit Offering.
Marapharm intends to close the completed Unit Offering on or about April 15, 2016, or such other day as may be determined by the Company. It is anticipated that closings may occur in one or more tranches.
ABOUT MARAPHARM VENTURES INC.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, in Europe, ticker symbol 2M0 on the FSE.
Marapharm (www.marapharm.com) and its wholly-owned subsidiary in Canada, Marapharm Inc., and its wholly-owned subsidiary in the United States, Marapharm Las Vegas LLC, is engaged in the development, production of and commercialization of phytocannabinoid-based pharmaceutical products in Canada and the United States. The Company is at the Review Stage, a critical step, with Health Canada to become a licensed producer under the Marijuana for Medical Purposes Regulations (MMPR) issued pursuant to the Controlled Drugs and Substances Act (Canada). The company also intends to focus its development and growth strategy on Colorado, Nevada, Washington and California with plans to acquire grow, production and dispensary licenses in the United States.
Additional information on the operations or financial results of Marapharm are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (www.thecse.com), the OTC website (www.otcmarkets.com), and the SEDAR website (www.sedar.com) under the profile for Marapharm Ventures Inc.
FOR FURTHER INFORMATION:
www.marapharm.com or 778-583-4476 email email@example.com
Neither the CSE, the FSE nor the OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
FORWARD – LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.