Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com) announces today that it intends to proceed on a ‘best efforts’ basis with a non-brokered private placement of up to 5,000,000 units (“Units”) at CDN $0.20 per Unit to raise gross proceeds of up to $1 million (the “Unit Offering”). The Unit Offering is subject to applicable regulatory requirements and Canadian Securities Exchange (“CSE”) approval.
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 $0.40. The Purchase Warrants may be exercised at any time until one year from the closing of the Unit Offering.
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 Unit Offering on or about March 31, 2016, or such other day as may be determined by the Company. It is anticipated that closings may occur in one or more tranches.
The Company also announces pursuant to a press release issued May 7, 2015, that it has amended the terms of its investor relations agreement with Bayside Management Corp. of Calgary. The amended agreement is for a one year term that commenced effective May 1, 2015 and expires April 30, 2016. The Company will now issue 320,000 common shares at the original issuance price of $0.75 per common share from the 560,000 common shares previously announced, with an effective amended contract price of $240,000 for the term. The common shares issued are subject applicable regulatory requirements and to a four month hold period.
ABOUT MARAPHARM VENTURES INC.
Marapharm trades under the symbols MDM on the Canadian Securities Exchange (“CSE”), 2M0 on the Frankfurt Stock Exchange (“FSE”) and MRPHF on the U.S OTCQB® marketplace.
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 has applied to 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.cnsx.ca) and 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® have approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accept 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.
Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether Marapharm is able to meet price, performance, quality and delivery requirements. Although Marapharm believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. Marapharm undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.