NEWS 2021-05-13 19:26 ET - News Release Mr. Karim Rayani reports
MARVEL DISCOVERY UPDATE ON SPINOUT TRANSACTION
Further to the news releases of March 17, 2021, April 23, 2021, and April 29, 2021, Marvel Discovery Corp.'s previously announced plan of arrangement under the Business Corporations Act (British Columbia) involving Power One Resources Corp. has been completed. The Arrangement was approved by special resolution at a special meeting of shareholders held on April 23, 2021. The Company obtained a final Order approving the Arrangement from the Supreme Court of British Columbia on April 28, 2021, and the Arrangement became effective on May 13, 2021.
Pursuant to the Arrangement, holders of Marvel shares as of the close of business on May 7, 2021 received one common share in the capital of Power One for every five common shares held in the Company. Power One has also issued 5,000,000 Power One Shares to Marvel pursuant to the Arrangement.
It is the intention of Power One to raise new capital, and to seek a listing on the TSX Venture Exchange; however there is no assurance Power One will be successful in doing so.
Additional information about the Arrangement is detailed in the Company's Information Circular filed on the Company's profile on SEDAR at www.sedar.com.