Company offers 5 million units of one share and one warrant at C$0.20
By Devika Patel
Knoxville, Tenn., April 1 – Marapharm Ventures Inc. said it raised C$528,000 in the first tranche of a C$1 million non-brokered private placement of units. The deal priced on Feb. 29.
The company is selling 5 million units of one common share and one warrant at C$0.20 per unit on a best-efforts basis. It sold 2.64 million units in the initial tranche.
Each warrant will be exercisable at C$0.40 for one year. The strike price is a 135.29% premium to C$0.17, the Feb. 26 closing share price.
Proceeds will be used for development of the North Las Vegas project, potential licensing investigation and development in Washington State and general corporate purposes.
Based in Vancouver, B.C., the company invests in health and wellness, including medical and recreational marijuana.
| Issuer: | Marapharm Ventures Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 29
|
| Settlement date: | April 1 (for C$528,000)
|
| Stock symbol: | CNSX: MDM
|
| Stock price: | C$0.17 at close Feb. 26
|
| Market capitalization: | C$8.94 million
|
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