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19.12.2017 23:59:00
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Marapharm Releases Financial Results for Quarter Ended September 30, 2017
VANCOUVER, Dec. 19, 2017 /PRNewswire/ - Marapharm Ventures Inc. (CSE: MDM) ("Marapharm" or the "Company") announces that, as a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure for certain items related to the previously filed financial statements, related management's discussion and analysis ("MD&A") for the six months ending September 30, 2017. The Company has filed amended and restated Financial Statements and MD&A, copies of which are available and can be viewed at www.sedar.com.
The restatement does not affect Current Assets, Total Assets, Total Liabilities, Total Shareholders' Equity or Net Comprehensive Loss. The effect of the restatement for material items is detailed as follows:
September 30, 2017 As Previously | Restatement | September 30, 2017 As Restated | ||||
$ | $ | $ | ||||
Condensed Consolidated Interim Statements of Financial Position | ||||||
Land, Property and Equipment | 5,432,439 | 845,784 | (a) | 6,278,223 | ||
Investment in Associates | 2,156,617 | (845,784) | (a) | 1,310,833 | ||
(a) The restatement is due to the reclassification of California land acquisition from Investment in Associate to Land, Property and Equipment. | ||||||
September 30, 2017 As Previously | Restatement | September 30, 2017 As Restated | ||||
$ | $ | $ | ||||
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity | ||||||
Share Purchase Warrant Reserve | 1,942,469 | (1,942,469) | (b) | - | ||
Warrant Subscription Reserve | - | 1,942,469 | (b) | 1,942,469 | ||
Shares Issued on Exercise of Finders' Warrants | 2,345,169 | (1,942,469) | (b) | 402,700 | ||
Warrant Subscriptions Received | - | 1,942,469 | (b) | 1,942,469 | ||
(b) The restatement is due to the reclassification of the current $0.10 warrant offering receipts to segregate these receipts from the Company's prior unit warrant offerings. | ||||||
Three Months 2017 As Previously | Restatement | Three Months 2017 As Restated | ||||
$ | $ | $ | ||||
Condensed Consolidated Interim Statements of Cash Flows | ||||||
Investing Activities | ||||||
Acquisition of Land | - | (845,783) | (a) | (845,783) | ||
Equity Investments | (1,084,051) | 664,051 | (a) | (420,000) | ||
Effect of Foreign Exchange Rate Change | (156,861) | 181,732 | (a) | 24,871 | ||
Six Months 2017 As Previously | Restatement | Six Months 2017 As Restated | ||||
$ | $ | $ | ||||
Condensed Consolidated Interim Statements of Cash Flows | ||||||
Investing Activities | ||||||
Acquisition of Land | (1,537,458) | (845,783) | (a) | (2,383,241) | ||
Equity Investment | (1,084,051) | 664,051 | (a) | (420,000) | ||
Effect of Foreign Exchange Rate Change | (298,935) | (181,732) | (a) | (117,203) | ||
Additional information and clarification was added to the financial statements as follows:
Financial Statements:
Management Discussion & Analysis:
About Marapharm Ventures Inc.
Marapharm Ventures Inc., is uniquely positioned in the cannabis space as the Company currently holds cultivation and production licenses. These licenses allow for the purchase of plants and product from other licensed growers and has been approved for recreational use in the State of Nevada.
The Company's growth strategy is to build facilities and acquire licenses in both Canada and the United States.
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 (www.thecse.com), the OTC website (www.otcmarkets.com), and the SEDAR website (www.sedar.com) under the profile for Marapharm Ventures Inc.
Stock Exchanges:
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.
The Investment Industry Regulatory Organization of Canada (IIROC) has approved the contents of this news release.
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.
(signed "Linda Sampson")
Linda Sampson,
CEO
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE Marapharm Ventures Inc.
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