KELOWNA, BC, July 5, 2017 /CNW/ - Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm" or the "Company") (http://www.marapharm.com/ ) announces the proposed offering of up to 80 million share purchase warrants. Each warrant will be offered for a consideration of 10 cents (CDN) per warrant for a total of gross proceeds of up to $8 million dollars and are exercisable into one common share for the price of $2.90 per share for a period of 3 years from the date of closing (the "warrants"). The proceeds will be utilized by Marapharm for development and corporate purposes.
"This offering of warrants is unique. There is no immediate dilution and it provides up to $8 million dollars in working capital for Marapharm as well as an opportunity for subscribers to hedge and leverage an investment with a 3 year open window in the future of the company. The warrants would provide Marapharm with an additional $232 million dollars if all were exercised," said Linda Sampson, CEO, Marapharm.
The warrants will be transferrable following the statutory hold period. The offering of the warrants is subject to regulatory filing.
Shareholders and interested investors in this private placement are invited to contact Marapharm for more information.
About Marapharm Ventures Inc.
Marapharm has more than 300,000 square feet of medical marijuana licenses for its land and facilities in WA, CA and NV. In Nevada, the proposed building footprint is 360,000 square feet. The Nevada Department of Agriculture report by Tessa Rognier states that the average size of a cultivation facility in Nevada is 26,000 square feet. About three years ago, Marapharm applied in Canada to Health Canada for a MMPR (production and sales) license and has passed the necessary security clearances. The application is currently in the in-depth screening process. In September 2016, Health Canada contacted Marapharm with a provision to amend its application to allow for the new regulations, ACMPR. Marapharm owns 15 million shares and warrants of Veritas Pharma Inc., a public company.
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 (http://www.thecse.com), the OTC website (http://www.otcmarkets.com), and the SEDAR website (http://www.sedar.com) under the profile for 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.
The Investment Industry Regulatory Organization of Canada (IIROC) has approved the contents of this news release.
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.
SOURCE Marapharm Ventures Inc.
For further information: Linda Sampson, CEO, +1-778-583-4476, email: [email protected], http://www.marapharm.com