June 24, 2021. Vancouver, B.C. – Marvel Discovery Corp. (TSX-V: MARV), (Frankfurt: O4T1), (MARVF: OTCQB); (“Marvel” or the “Company”) the Company has closed a private placement by way of issuing 2,000,000 units at a price of $0.10; for gross proceeds of $200,000. Each unit will be comprised of one common share in the capital of the Company and one transferable warrant. Each warrant will permit the holder to acquire one additional common share of the Company at a price of $0.15 for three years from closing.
The use of proceeds will be for continued exploration on the newly acquired portfolio of projects in Newfoundland, the Black Fly project, and general working capital purposes.
Marvel’s Chief Executive Officer, Karim Rayani, was the single participant in this private placement offering constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions {“Ml 61-101”). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one dayfrom issuance. The closing of the Private Placement Financing, including the issuance of the securities has received TSX Venture Exchange (the “Exchange”) acceptance.
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 South, Victoria Lake and Hope Brook – 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)
- 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.