Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) (“Marapharm” or the “Company”) is very pleased to announce the closing of the over-subscribed second and final tranche of its previously announced non-brokered private placement. Further to its press release, dated March 16th, 2018, the Company closed the second tranche for gross proceeds of $1,726,754. through the issuance of 1,996,247 Units (the “Unit”).
The non-brokered Private Placement had been originally announced as being comprised of 3,000,000 Units for total proceeds of $2,595,000. The closing numbers today reflect an increase of 3,545,007 Units for a total of $3,066,434.
The Company will pay an aggregate cash finder’s fee of $82,632. and issue an aggregate of 95,529 finders’ warrants (the “Finders Warrant”). Each non-transferable finder’s warrant entitles the finder to acquire one common share at $0.87 for 14 months from the closing of the private placement.
Each Unit consists of one common share and one common share purchase warrant. Each transferable whole common share purchase warrant (the “Purchase Warrants”) will entitle the holder to acquire one common share at $0.87. The Purchase Warrants may be exercised at any time until 12 months from the closing of the private placement.
All securities issued pursuant to this financing will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation.
The net proceeds raised from the Unit Offering are intended to be used for further development of the Company’s projects in Las Vegas, Nevada Washington State, Desert Hot Springs, California and general corporate purposes.
ABOUT MARAPHARM VENTURES INC.
Marapharm is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Marapharm has rapidly expanded to include having cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQX, and in Europe, ticker symbol 2M0 on the FSE. Marapharm also trades on other recognized platforms in Europe including Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
Neither the CSE, the FSE nor the OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Marapharm owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Marapharm’s ability to access private and public capital could be affected and or could not be available to support continuing operations. Marapharm’s business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Marapharm’s website. Marapharm has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
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.