Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) announces the close of the first tranche of the non-brokered private placement of up to 3,000,000 units at CDN $0.865 per Unit to raise gross proceeds of up to $2,595,000. 

The first tranche closed today with proceeds totaling $1,339,680. from the sale of 1,548,760 units. Marapharm intends to close the final tranche no later than March 30, 2018. 

The Unit will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share at $0.87. The Purchase Warrants may be exercised at any time until one year from the closing of the Unit Offering. 

The net proceeds raised from the Unit Offering are intended to be used for (i) further development of the Company’s Las Vegas project (ii) further development of the Company’s project in Washington State (iii) and general corporate purposes.

Marapharm will pay cash finder fees of 10% of the gross proceeds raised from subscriptions in the Unit Offering from persons introduced to the Company by certain eligible Finders. Marapharm will also issue nontransferable common share purchase warrants equal to 10% of the number of Units subscribed for by persons introduced to the Company by eligible Finders. Each Finder’s Warrant will allow the Finder to purchase one additional common share at $0.87 for a period of 14 months from the closing of the Unit Offering.

ABOUT MARAPHARM VENTURES INC.

Marapharm is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Marapharm has rapidly expanded to include having cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.