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Marapharm Ventures closes oversubscribed placement of units

Canada-based Marapharm Ventures Inc. closed a nonbrokered private placement of 9,350,000 units at 50 Canadian cents apiece.

The placement was oversubscribed and generated gross proceeds of C$4.7 million.

Each unit under the placement included one common share and one-half of a common share purchase warrant. The 12-month warrants are exercisable at 70 cents per common share.

The expiry date of the warrants can be speeded if the closing price of the common shares exceeds 85 cents for five consecutive trading days. The common shares and warrants issued in the placement are subject to a four-month hold period.