Marvel Closes First Tranche of Private Placement

Rhea-AI Summary

Marvel Discovery Corp. (MARV) announces the successful closing of the first tranche of its non-brokered private placement, raising $650,000 through the issuance of flow-through and non-flow-through units. The proceeds will be used for exploration and development of the Company's projects in Quebec and for general working capital purposes. The Company also disclosed the payment of finder's fees to an arm's length party in connection with the First Tranche.

VANCOUVER, BC / ACCESSWIRE / November 28, 2023 / Marvel Discovery Corp. (TSXV:MARV),(Frankfurt:O4T),(OTCQB:MARVF); (the "Company") is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "First Tranche") previously announced on November 17, 2023. In connection with the First Tranche, the Company raised total gross proceeds of $650,000 by issuing 12,000,000 flow-through units (the "FT Units") and issuing 1,250,000 non flow-through units (the "NFT Units").

Each FT Unit priced at $0.05 per FT Unit consisted of one flow-through share and one-half of one share purchase warrant; each whole warrant entitling the holder to purchase one non flow-through share at a price of $0.10 for a period of two years from the closing date.

Each NFT Unit priced at $0.04 per NFT Unit consisted of one non-flow through share and one share purchase warrant; each warrant entitling the holder to purchase one non flow-through share at a price of $0.075 for a period of five years from the closing date.

The gross proceeds from the sale of the FT Units will be used for exploration and development of the Company's projects in Quebec. The gross proceeds from the sale of the NFT Units will be used for general working capital purposes. None of the proceeds from the sale of the NFT Units will be used for payments to non-arm's length parties or persons conducting investor relations activities.

Finder's fees in the amount of $45,500 cash and 927,500 broker warrants will be paid to an arm's length party in connection with the First Tranche. Each broker's warrant is exercisable into one common share at a price of $0.075 per share for a period of two years from the closing date.

All securities issued in connection with the First Tranche will be subject to a statutory hold period expiring four months and one day after closing. Final acceptance is subject to TSX Venture approval.

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. There is no assurance any of the conditions for closing will be met. 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/810575/marvel-closes-first-tranche-of-private-placement

FAQ

What is the purpose of the gross proceeds from the sale of the FT Units and the NFT Units?

The gross proceeds from the sale of the FT Units will be used for exploration and development of the Company's projects in Quebec. The gross proceeds from the sale of the NFT Units will be used for general working capital purposes.

What are the details of the broker's warrants paid in connection with the First Tranche?

Finder's fees in the amount of $45,500 cash and 927,500 broker warrants will be paid to an arm's length party in connection with the First Tranche. Each broker's warrant is exercisable into one common share at a price of $0.075 per share for a period of two years from the closing date.

What is the statutory hold period for the securities issued in connection with the First Tranche?

All securities issued in connection with the First Tranche will be subject to a statutory hold period expiring four months and one day after closing.

What is the ticker symbol of Marvel Discovery Corp.?

The ticker symbol for Marvel Discovery Corp. is MARV.

What is the purpose of the private placement announced by Marvel Discovery Corp.?

The purpose of the private placement is to raise funds for exploration and development of the Company's projects in Quebec and for general working capital purposes.