Marvel Discovery Corp. (TSXV: MARV | FSE: O4T | OTCQB: MARVF) has closed the final tranche of its previously announced non-brokered private placement by issuing more than 2.5M non-flow-through units (NFT units) at C$0.04 each for gross proceeds of C$101K.
Each unit consists of one non-flow-through share (NFT share) and one share purchase warrant. Each warrant entitles the holder thereof to acquire an additional NFT share at C$0.075 each for a period of five years.
Pursuant to the private placement, the company issued an aggregate 12M flow-through units (FT units) at $0.05 each and over 3.7M NFT units at $0.04 per NFT unit for aggregate gross proceeds of C$751,000.
The gross proceeds from the final tranche will be used for general working capital purposes, more specifically, 50% will be used for general and administrative expenses and the other 50% will be used for exploration and property maintenance. None of the proceeds will be used for payments to non-arm’s length parties or persons conducting investor relations activities.
All securities issued in connection with the final tranche will be subject to a statutory hold period expiring four months and one day after the issuance date. Final acceptance is subject to the TSX Venture Exchange.
Marvel Discovery Corp. is a Canadian-based emerging resource company that has been listed on the TSX Venture Exchange for over 25 years. The company is systematically exploring its extensive property positions across Canada in the provinces of Newfoundland & Labrador, Ontario, Quebec, and British Columbia.
Among these properties, Marvel is actively exploring for and/or developing the following minerals: gold, lithium, nickel, copper, cobalt, titanium, chromium, vanadium, rare earth elements, and platinum group elements.
For further information, please visit: www.marveldiscovery.ca
To read more articles like this, please visit: www.theassay.com
