Marvel Discovery Corp. Provides Update On Spinout Transaction
Marvel Discovery Corp. (OTC PINK: IMTFF) has received final court approval for a plan of arrangement with Power One Resources Corp. The arrangement allows Marvel shareholders to receive one common share of Power One for every five shares held, with Power One issuing 5 million shares to Marvel. Key dates include a record date of May 7, 2021, and a distribution date of May 13, 2021. Shareholders should be aware of potential uncertainties regarding the arrangement's completion. Marvel explores multiple resource prospects across Canada, including gold, nickel, and rare earth elements.
- Final court approval obtained for arrangement with Power One Resources Corp.
- Shareholders will receive shares in Power One, enhancing their investment portfolio.
- 5 million shares will be issued to Marvel from Power One.
- Completion of the arrangement is not guaranteed, presenting uncertainty for shareholders.
VANCOUVER, BC / ACCESSWIRE / April 29, 2021 / Marvel Discovery Corp. (TSX-V:MARV), (Frankfurt:O4T1), (OTC PINK:IMTFF); ("Marvel" or the "Company"). Further to the Company's news releases of March 17, 2021 and April 23, 2021, the Company is pleased to announce that it has obtained a final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement under sections 288 and 291 of the Business Corporations Act (British Columbia) (the "Arrangement") involving Power One Resources Corp. ("Power One").
The Company and Power One anticipate implementing the Arrangement on or about May 13, 2021. Holders of Marvel shares as of the close of business on May 7, 2021 will be entitled to receive one common share in the capital of Power One (each, a "Power One Share") for every five common shares held in the Company. Power One will also issue 5,000,000 Power One Shares to Marvel pursuant to the Arrangement.
In accordance with TSX Venture Exchange policy, the following are the relevant dates pertaining to Power One's distribution of its shares to the Marvel shareholders:
Due Bill Trading Date: May 6, 2021
Record Date: May 7, 2021
Payable or Distribution Date: May 13, 2021
Ex-Distribution Date: May 14, 2021
Due Bill Redemption Date: May 15, 2021
As previously announced, the Company received the required shareholder approval in connection with the Arrangement at its special meeting of shareholders held on April 23, 2021.
Shareholders are cautioned that there is no certainty that the Arrangement will be completed on the terms currently proposed or at all. Additional information about the Arrangement are detailed in the Company's Information Circular filed on the Company's profile on SEDAR at www.sedar.com.
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. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. 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. 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.
View source version on accesswire.com:
https://www.accesswire.com/643404/Marvel-Discovery-Corp-Provides-Update-On-Spinout-Transaction
FAQ
What is the plan of arrangement between Marvel Discovery Corp. and Power One Resources Corp.?
What are the key dates related to the arrangement for IMTFF shareholders?
How many Power One shares will Marvel Discovery shareholders receive?
What is the significance of the Supreme Court approval for Marvel Discovery's plan?
Is there any risk associated with the completion of the arrangement for IMTFF investors?
