Ms. Linda Sampson reports
MARAPHARM VENTURES INC. CLOSES ON OVER-SUBSCRIBED FINANCING
Marapharm Ventures Inc. has closed the oversubscribed second and final tranche of its previously announced non-brokered private placement. Further to its press release, dated March 16, 2018, the company closed the second tranche for gross proceeds of $1,726,754 through the issuance of 1,996,247 units.
The non-brokered private placement had been originally announced as consisting of three million 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. Each non-transferable finder's warrant entitles the finder to acquire one common share at 87 cents 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 will entitle the holder to acquire one common share at 87 cents. 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 and California, and for 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 it is seeking expansion opportunities around the world.
We seek Safe Harbor.
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