Canada's Marapharm Ventures Inc. completed two previously announced private placements.
Under the placement of warrants, the cannabis company sold 42,296,123 warrants for 10 Canadian cents each through five tranches. Each warrant entitles the holder to buy a common share for C$2.90 and is valid for 36 months.
Marapharm Ventures raised gross proceeds of about C$4.2 million through the placement of warrants.
Under the brokered placement of units, the company raised gross proceeds of about C$2.9 million. Each unit comprised one share and a 12-month warrant to buy an additional stock for C$1.25.
Emerging Equities Inc. acted as agent for the placement of units.
Marapharm Ventures plans to use net proceeds from both placements for general corporate purposes.
