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Marapharm plans C$2.6M private placement to develop projects

Marapharm Ventures Inc. plans to raise up to about C$2.6 million in a non-brokered private placement.

The British Columbia-based company will offer up to 3 million units at 86.5 Canadian cents apiece.

Each unit will consist of 1 common share and 1 share purchase warrant, which will entitle the holder to acquire 1 common share at 87 cents. The warrants may be exercised until one year from the closing of the offering.

The medical marijuana company plans to use net proceeds to further develop its projects in Las Vegas, Washington and California and for general corporate purposes.

The offering may close in two tranches, with the final one expected to close by March 30.