KELOWNA, British Columbia, November 22, 2016 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm") announces, that in addition to the transaction described in the news release dated November 14, 2016, it has entered into another agreement to purchase an industrial facility in southern California and three (3) medical marijuana licenses for manufacturing, cultivation, and retail uses. The land size is 0.32 acres and the existing building size is 2,756 square feet, with an 18-foot-ceiling clearance, for a purchase price of $950,000.00 USD, based on a purchase price of less than $350 USD per square foot. There is excess land for expansion on the corner parcel and the yard area is paved and suitable for greenhouse growing. The purchase is subject to, and contingent upon, completion of satisfactory due diligence, including background checks, and closing documentation for the issuances of the three (3) licenses to Marapharm within 60 days, with the closing to take place 60 days from the removal of contingencies.
"We are really excited to have a second property as well as three more licenses in the California market. Marapharm is positioning to be an effective competitor and marketer in the most populous state in the nation. Smaller and well located facilities like this one are perfect for training staff and for product testing of new strains and products," says Linda Sampson, Marapharm CEO and director.
Marapharm also announces that one series of warrants has been fully exercised. The warrants were issued in an offering that closed on November 10, 2015, for an aggregate issuance of 661,250 units comprised of 661,250 common shares and 661,250 warrants exercisable into 661,250 common shares at an exercise price of $0.45 for one year. The maximum amount which could be received from the warrant exercises is $297,562.50, and this amount was received in full on November 10, 2016. In addition, warrants from an offering which closed on November 6, 2015, have also been fully exercised. The offering consisted of 1,247,000 units, each unit consisting of one (1) common share and one (1) common share purchase warrant, allowing the subscriber to purchase an additional common share at an exercise price of $0.75 within 1 year. As a result of the warrant exercise, Marapharm received $935,250.00 in full on November 6, 2016. The total amount received for the two warrant exercises is $1,232,812.50. In addition, other holders of warrants from other private placements are exercising their warrants in advance of the due dates and these amounts will be announced in due course.
ABOUT MARAPHARM VENTURES INC.
Marapharm has 300,000 square feet of medical marijuana licenses and land and facilities in WA and NV and about two and a half years ago, Marapharm applied in Canada to Health Canada for a MMPR (Production and Sales) license and has passed the necessary security clearances. The application is currently in the in-depth screening process. In September 2016, Health Canada contacted Marapharm with a provision to amend its application to allow for the new regulations, ACMPR.
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 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.