KELOWNA, British Columbia, June 1, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2MO) ("Marapharm" or the " Company") (http://www.marapharm.com/) is pleased to announce that its wholly-owned subsidiary, Marapharm Inc. ("Marapharm"), has entered into a letter of intent ("LOI") with Standard Graphite Corporation ("SGH"), a public company on the TSX Venture Exchange (TSXV) to sell Marapharms Health Canada ACMPR (Access to Cannabis for Medical Purposes Regulations) license application, and all associated property, plans, and intellectual property to SGH, in consideration for $5.265 million CDN payable by 35,000,000 common shares "more or less, dependent on price" of SGH (the "SGH Shares"), plus $2.5 million, payable in shares based on receipt by Health Canada.
The transaction is subject to completion of due diligence by the parties and a definitive acquisition agreement being executed by the parties, Marapharm, and SGH; the receipt of all necessary, board and required regulatory approvals (including approvals from the TSXV or the Canadian Securities Exchange ("CSE"), as applicable).
Marapharms assets include 300,000 square feet of medical marijuana licenses and 7 acres of property in NV and facilities in WA and CA. In addition Marapharm has 15 million shares and warrants of Veritas Pharma Inc., a public company.
ABOUT MARAPHARM VENTURES INC.
Marapharms common shares are publicly traded in Canada, under the ticker symbol "MDM" on the Canadian Securities Exchange, and in the United States, under the ticker symbol "MRPHF" on the OTCQB, and in Europe, under the ticker symbol "2M0" on the FSE.
Additional information on the operations or financial results of Marapharm are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (http://www.thecse.com), the OTC website (http://www.otcmarkets.com), and the SEDAR website (http://www.sedar.com) under the profile for Marapharm Ventures Inc.
Neither the CSE, the FSE nor the OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
FORWARD - LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
FOR FURTHER INFORMATION:
SOURCE Marapharm Ventures Inc.