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Marapharm closes oversubscribed private placement of units

Marapharm Ventures Inc. completed a nonbrokered private placement of units to raise about C$4.5 million in gross proceeds.

The Kelowna, British Columbia-based medical cannabis producer said the oversubscribed offering included 7.5 million units priced at 60 Canadian cents apiece.

Each unit consisted of 1 common share and 0.5 common share purchase warrant. Each warrant entitles the holder to buy 1 common share at 70 cents.

Marapharm plans to use the net proceeds for developing its projects in Las Vegas, Washington State and California and for general corporate purposes.

Marapharm invests in the medical and recreational cannabis space.