KELOWNA, British Columbia, January 11, 2017
KELOWNA, British Columbia, January 11, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) ("Marapharm") announces that is has entered into a subscription agreement to acquire 5 million 18 month $0.30 share purchase warrants of Veritas Pharma Inc. for consideration of $250,000.
"We like the Veritas Pharma business model and we know that we can play a big role in their growth. Marapharm has acquired shares and rights to acquire up to 15 million shares of Veritas, after taking into account 10 million share purchase warrants that we have. As a result of the investment, Marapharm will have the right to appoint members to the Veritas board of directors. There's great synergy with Veritas and Marapharm and the additional investment in the share purchase warrants will provide additional capital to Veritas as they execute on their business plan." Linda Sampson, Marapharm CEO.
On January 9, 2017 Marapharm announced that it had subscribed for 5 million units in a private placement offering of Veritas Pharma Inc., each unit consisting of 1 share and 1 share purchase warrant. The share purchase warrants acquired by Marapharm were acquired for investment purposes and Marapharm may, in its discretion acquire further securities of Veritas.
ABOUT VERITAS PHARMA INC.
Veritas trades in Canada, ticker symbol VRT on the CSE, in the United States, ticker symbol VRTHF on the OTC, in Europe, ticker symbol 2VP.F on the FSE.
Veritas is a discovery and development company, advancing the science behind medical marijuana. Veritas has brought together a highly accredited team of pharmacologists, anesthetists and chemists with substantial success in both academia and industry, specifically in drug development. The Veritas laboratory is located within the University of British Columbia (UBC). Veritas applies a comprehensive scientific approach to medical marijuana claims. Veritas's mission has been to develop the most effective proprietary cannabis strains for specific disease conditions and to provide doctors and patients with conclusive science evidence to recommend and use medical marijuana with confidence. Veritas has an advanced application to Health Canada for a Medical Marijuana facility to be located in Sechelt, British Columbia and, the Canadian Government has said it will legalize marijuana for medical and recreational use. Veritas and it's employee group consisting of several doctors work closely with Health Canada.
ABOUT MARAPHARM VENTURES INC.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, in Europe, ticker symbol 2M0 on the FSE.
Marapharm has 300,000 square feet of medical marijuana licenses for it's 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.