First tranche of PP has closed VANCOUVER, BC / ACCESSWIRE / November 28, 2023 / Marvel Discovery Corp.(TSXV:MARV),(Frankfurt:O4T),(OTCQB:MARVF); (the "Company") is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "First Tranche") previously announced on November 17, 2023. In connection with the First Tranche, the Company raised total gross proceeds of $650,000 by issuing 12,000,000 flow-through units (the "FT Units") and issuing 1,250,000 non flow-through units (the "NFT Units").
Each FT Unit priced at $0.05 per FT Unit consisted of one flow-through share and one-half of one share purchase warrant; each whole warrant entitling the holder to purchase one non flow-through share at a price of $0.10 for a period of two years from the closing date.
Each NFT Unit priced at $0.04 per NFT Unit consisted of one non-flow through share and one share purchase warrant; each warrant entitling the holder to purchase one non flow-through share at a price of $0.075 for a period of five years from the closing date.
The gross proceeds from the sale of the FT Units will be used for exploration and development of the Company's projects in Quebec. The gross proceeds from the sale of the NFT Units will be used for general working capital purposes. None of the proceeds from the sale of the NFT Units will be used for payments to non-arm's length parties or persons conducting investor relations activities.
Finder's fees in the amount of $45,500 cash and 927,500 broker warrants will be paid to an arm's length party in connection with the First Tranche. Each broker's warrant is exercisable into one common share at a price of $0.075 per share for a period of two years from the closing date.
All securities issued in connection with the First Tranche will be subject to a statutory hold period expiring four months and one day after closing. Final acceptance is subject to TSX Venture approval.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
- Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital