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Marapharm Ventures to raise C$4.5M via private placement

Marapharm Ventures Inc. plans to sell 9 million units at 50 Canadian cents apiece for gross proceeds of up to C$4.5 million in a nonbrokered private placement.

Each unit comprises one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to buy one common share at an exercise price of 70 Canadian cents for a period of 12 months from the date of issuing the warrant.

The net proceeds from the offering will be used to further develop Marapharm's Las Vegas, Washington State and California project, as well as for general corporate purposes.

British Columbia-based Marapharm Ventures is a medical marijuana company that focuses on operating in the medical and recreational marijuana industry in Canada and the U.S.