Marapharm Ventures Inc. wishes to announce that further to its news release on September 26, 2018, the Company has closed over-subscribed on the non-brokered unsecured debenture financing (“Debenture Offering”) through the issuance of CDN$3,263,093 principal number of debentures (the “Debentures”).
KELOWNA, BC, Oct. 23, 2018 /PRNewswire/ - Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) (“Marapharm” or the “Company”) wishes to announce that further to its news release on September 26, 2018, the Company has closed over-subscribed on the non-brokered unsecured debenture financing (“Debenture Offering”) through the issuance of CDN$3,263,093 principal number of debentures (the “Debentures”).
The Debentures mature on October 23, 2019 and bear interest at a rate of 10% per annum, which shall accrue and be paid on the maturity date. The Debentures shall be convertible into units (“Debenture Units”) of the Company at a conversion of $0.20 per Debenture Unit. Each unit will be comprised of one Common Share of the Company and one Common Share Purchase Warrant exercisable at $0.50 for one year from the date of issuance.
In connection with the Debenture Offering, the Company paid cash finder’s fees of $132,986 and issued 48,216 finder’s warrants exercisable at $0.50 for one year from the date of issuance.
All securities issued in connection with the Debenture Offering will be subject to a four-month hold period from the date of issue under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
One Year Warrant Extension
The Company has extended the term of 3,443,900 common share purchase Warrants (“Warrants”) issued as part of a brokered private placement which closed on January 24, 2018. Each of the Warrants, which were part of the units being issued, entitles its holder to purchase one common share of Marapharm Ventures Inc. (a “Common Share”) at an exercise price of $1.25c per Common Share until January 31, 2019. Marapharm has elected to extend the expiry date of the Warrants to January 31, 2020. No other Warrant terms are amended.
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.
SOCIAL MEDIA:
facebook.com, twitter.com
STOCK EXCHANGES:
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
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.
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SOURCE Marapharm Ventures Inc.
Company Codes: OTC-QX:MRPHF, CNSX:MDM