Marvel Closes First Tranche of Private Placement

Rhea-AI Summary

Marvel Discovery Corp. (TSXV:MARV) announced the closing of its first tranche of a non-brokered private placement on December 2, 2021. The offering generated $908,080.05 in gross proceeds through the issuance of 5,385,385 Flow-Through units at $0.13 per unit and 1,808,522 Non-Flow-Through units at $0.115 per unit. Proceeds will support further development of the Company's property portfolio and general working capital. Finder's fees of $55,858.60 will be paid, pending TSX Venture Exchange approval.

Positive

• Gross proceeds of $908,080.05 raised through the private placement.
• Funding allocated for property portfolio development and working capital.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 2, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt: O4T1)(OTCQB:MARVF); (the "Company") is pleased to announce 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 totaling $55,858.60 will be paid in connection with the offering in accordance with the TSX Venture Exchange policies.

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/675843/Marvel-Closes-First-Tranche-of-Private-Placement

FAQ

What is the total gross proceeds raised by Marvel Discovery Corp in the private placement?

Marvel Discovery Corp raised a total of $908,080.05 in gross proceeds in the private placement.

What are the details of the Flow-Through units issued by Marvel Discovery Corp?

Marvel issued 5,385,385 Flow-Through units at a price of $0.13 per unit, each consisting of one common share and one-half of a purchase warrant.

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

The proceeds will be used for further development of the Company's property portfolio and for general working capital purposes.

What is the payment amount for finders' fees associated with the offering?

The finders' fees for the offering total $55,858.60.

What is the duration for the warrants issued in Marvel Discovery Corp's offering?

The warrants are valid for a period of 24 months following the acceptance date.