Kelowna, British Columbia, Canada – July 18, 2016 (CSE:MDM, FSE:2M0, OTCQB:MRPHF) 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 Las Vegas project (ii) further development of the Company’s project 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.The Finder Fee Agreement stipulates that the fees described herein are restricted to this investment from one investor and subsequent investments will pay cash finder fees of up to 3% of the gross investment.
Marapharm intends to close the Unit Offering on or about August 31, 2016, or such other day as may be determined by the Company and to be no later than September 30, 2016. Linda Sampson, CEO stated “recently we were oversubscribed on another private placement in the amount of $1 million and because our business is mostly in the US the funds basically became about $650,000 US. Canadian money conversion to US for our US businesses has been painful but we just began receiving US revenue so we expect that this is the last private placement to be done at these price levels as we move into the operating phase of the businesses, with US revenue.”
About Marapharm Ventures Inc.
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.ca) and Sedar website (www.sedar.com) under the profile for Marapharm Ventures Inc.
FOR FURTHER INFORMATION:
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.
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.