Marvel Discovery Corp. Announces Extraordinary General Meeting to Approve Spinout Transaction
Marvel Discovery Corp. (OTC PINK: IMTFF) has scheduled an extraordinary general meeting (EGM) for April 23, 2021, to consider a proposed Spin-Out plan. This plan aims to transfer its Serpent River/Pecors and Wicheeda North properties into a new subsidiary named Power One Resources Corp.. Shareholders will receive one common share of Power One for every five shares held. The transaction is subject to shareholder approval, as well as approvals from the British Columbia Supreme Court and the TSX Venture Exchange. Further details will be disclosed later.
- Shareholders will receive one common share of Power One for every five common shares held.
- Formation of a new subsidiary, Power One Resources Corp., could enhance company focus and value.
- The Spin-Out is contingent upon multiple approvals and may not be completed as proposed.
- Uncertainty around the final details of the Spin-Out may cause investor apprehension.
VANCOUVER, BC / ACCESSWIRE / March 17, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTC PINK:IMTFF); ("Marvel" or the "Company") announces that an extraordinary general meeting of the shareholders of the Company has been scheduled for April 23, 2021 at 10:00 a.m. Pacific Time (the "EGM"). The purpose of the EGM is to, among other things, consider and, if thought fit, approve a special resolution with respect to a plan of arrangement (the "Spin-Out") pursuant to which the Company will spin out its Serpent River/Pecors and Wicheeda North properties (the "Properties") into a newly incorporated, wholly owned subsidiary of the Company, to be called Power One Resources Corp. ("Power One").
It is proposed that the Spin-Out will result in shareholders of the Company receiving one common share of Power One for every five common shares held in the Company. There will be no change in shareholders' holding in the Company as a result of the Spin-Out.
Further details of the Spin-Out will be announced in the near future. Shareholders are cautioned that the final details of the Spin-Out are still to be determined and there is no certainty that the Spin-Out will be completed on the terms currently proposed or at all. In addition to being subject to the approval of the Company's shareholders, the Spin-Out is also subject to the approval of the British Columbia Supreme Court and the TSX Venture Exchange.
The record date for the EGM is March 24, 2021. The EGM will be held at 29th floor, 595 Burrard Street, Vancouver, British Columbia. The Company has filed a Notice of Meeting and Record Date, accessible on the Company's profile on SEDAR at www.sedar.com. Additional information with respect to the EGM and the matters to be considered thereat, including the Spin-Out, will be detailed in the EGM materials, which are expected to be mailed to shareholders and concurrently filed on SEDAR in late-March.
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:
- Exploits Zone, Newfoundland (Slip and Victoria Lake - Au Prospects)
- Atikokan, Ontario (BlackFly - Au prospect)
- Red Lake, Ontario (Camping Lake - Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors - Ni-Cu-PGE discovery) & (Uranium- REE's)
- 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
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "plans", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion of the proposed Spin-Out, receipt of required shareholder, Exchanger and court approvals for the Spin-Out and the timing of disclosure of additional details concerning the Spin-Out. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: determination of acceptable terms for the proposed Spin-Out, receipt of all required shareholder, court, stock exchange and regulatory approvals for the Spin-Out; changes in the value of the Company common shares or the value of the Properties;. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Marvel Discovery Corp.
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https://www.accesswire.com/636058/Marvel-Discovery-Corp-Announces-Extraordinary-General-Meeting-to-Approve-Spinout-Transaction
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