VANCOUVER, BC / ACCESSWIRE / April 23, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTC PINK:IMTFF); ("Marvel" or the "Company"). Further to the Company's news release of March 17, 2021, the Company provides the following update on its previously announced, proposed plan of arrangement (the "Spin-Out").
At the Company's special shareholders' meeting held today, shareholders approved the Spin-Out and the Company's Arrangement Agreement with its wholly owned subsidiary, Power One Resources Corp. ("Power One"). Pursuant to the Arrangement Agreement, the Company will transfer its interest in the Serpent River/Pecors and Wicheeda North properties (the "Properties") to Power One in exchange for (i) Power One issuing to the shareholders of the Company, one common share in the capital of Power One (each, a "Power One Share") for every five common shares held in the Company, (ii) Power One issuing 5,000,000 Power One Shares to Marvel, and (iii) Power One assuming certain liabilities incurred in acquiring, exploring or maintaining the Properties (the "Property Liabilities").
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