Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com/) announces today that in addition to the completion of the first tranche of the private placement announced February 29, 2016 the second tranche has also been completed. The Company has raised CDN$1,091,500 and will issue 5,457,500 units. Each Unit will consist of one common share and one common share purchase warrant and both are subject to a statutory 4 month hold period from the date of closing.
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 further development of the Company‟s projects and for working capital. 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.
ABOUT MARAPHARM VENTURES INC.
Business information is available at www.marapharm.com and 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:
www.marapharm.com contact 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.