KELOWNA, British Columbia, November 14, 2016 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM) ispleased to provide an update on its operations in Nevada. Further to its news releases dated August 3, 2016, September 21, 2016, September
In addition to the medical market, as a result of the "Yes" vote, the new Nevada State recreational regulations provide the opportunity for present license holders to be the only applicants for an 18-month period, to apply for licensing opportunities pursuant to the recently approved recreational use initiative.
Some professionals on the Marapharm team include Rafael Construction, general contractor; Pacific Design Concepts, Design Team; JPL Engineering, Civil Engineer; Black Mountain Geotechnical, Geotechnical Engineer; Keagan Engineering, Structural Engineer; TERP, Fire Protection; and Phenofarm, Cultivation Design.
Marapharm Las Vegas, LLC ("Marapharm Las Vegas"), a wholly owned subsidiary of Marapharm, is the operating entity for Nevada. With regards to the finances, all deposits and development payments flow through the Marapharm Las Vegas bank account. Marapharm funds Marapharm Las Vegas as required. Today there is $275,000 USD in the Marapharm Las Vegas account, there are no checks outstanding, and Marapharm has $2,000,000 USD ready to advance, as required, in $300,000 USD tranches. Marapharm recently announced a $5,500,000 USD bond offering for its Nevada operations, which has been fully subscribed at this time. After the closing of the $5,500,000 USD bond offering, additional funds may be raised in the future by way of convertible debt securities. There is no assurance the offering will complete as stated herein, and the closing of the offering is subject to regulatory approval.
ABOUT MARAPHARM VENTURES INC. http://www.marapharm.com
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.
STOCK EXCHANGES: 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: http://www.marapharm.com or Linda Sampson, CEO, +1-778-583-4476,[email protected]
SOURCE Marapharm Ventures Inc.
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