Marvel Closes On $908,080.05 - First Tranche

Rhea-AI Summary

Marvel Discovery Corp. (TSX-V: MARV) has successfully closed its First Tranche of a non-brokered private placement, raising $908,080.05. This tranche involved issuing 5,385,385 Flow-Through units at $0.13 each and 1,808,522 Non-Flow-Through units at $0.115 each. Each unit includes a share and a warrant, allowing purchase of additional shares at specified prices. The funds raised will support further property development and general working capital, while finders' fees amount to $48,858.60.

Positive

• Raised $908,080.05 in First Tranche private placement.
• Support for property development and working capital.
• Diverse property positions in strategic locations.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 3, 2021 / Marvel Discovery Corp. (TSX-V:MARV), (Frankfurt:O4T1), (MARVF:OTCQB); (the "Company") has received TSX Venture Exchange approval for the closing of its First Tranche of the non-brokered private placement dated November 24^th,2021. The First Tranche consists of aggregate gross proceeds of $908,080.05

The Company has issued 5,385,385 Flow-Through units at a price of $0.13 per unit. Each unit consisting of one Flow-Through common share and one-half of one common share purchase warrant; each whole warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.25 for a period of 24 months following the acceptance date.

The Company has also issued 1,808,522 Non-Flow-Through units at a price of $0.115 per unit. Each unit consisting of one common share and one common share purchase warrant; each warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.20 for a period of 24 months following the acceptance date.

Finders' fees paid in connection to the First Tranche:

GloRes Securities Inc. - $47,248.60

German Mining Networks GmbH - $1,610

The proceeds from the private placement will be used for further development of the Company's property portfolio and for general working capital purposes. All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering, and payment of the Finders' fee are subject to the approval of the Exchange.

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

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/676031/Marvel-Closes-On-90808005--First-Tranche

FAQ

What was the total amount raised in Marvel Discovery Corp.'s First Tranche private placement?

Marvel Discovery Corp. raised a total of $908,080.05 in its First Tranche private placement.

What is the price per Flow-Through unit in the private placement by Marvel Discovery?

The price per Flow-Through unit in the private placement was $0.13.

How many Non-Flow-Through units were issued in Marvel's private placement?

Marvel Discovery Corp. issued 1,808,522 Non-Flow-Through units.

What will the proceeds from the private placement be used for?

The proceeds from the private placement will be used for property development and general working capital.

What are the terms of the warrants issued by Marvel Discovery Corp.?

The warrants entitle the holder to purchase one non-flow-through common share at prices of $0.25 and $0.20 for a period of 24 months.