Company sells 5,457,500 units of one share and one warrant at C$0.20
By Devika Patel
Knoxville, Tenn., May 24 – Marapharm Ventures Inc. said it raised C$563,500 in the second and final tranche of a C$1.09 million non-brokered private placement of units. The deal priced for C$1 million on Feb. 29 and raised C$528,000 on April 1.
The company sold 5,457,500 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 and 2,817,500 units in the second 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$1,091,500
|
| Units: | 5,457,500
|
| 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), May 24 (for C$563,500)
|
| Stock symbol: | CNSX: MDM
|
| Stock price: | C$0.17 at close Feb. 26
|
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