Marvel Discovery Corp. (TSXV: MARV | Frankfurt: O4T | OTCQB: MARVF) has closed the first tranche of its non-brokered private placement, previously announced on 17 November 2023. In connection with the first tranche, the company raised total gross proceeds of C$650K by issuing 12M flow-through (FT) units and 1.25M non-flow-through (NFT) units.
Each FT unit was priced at C$0.05 and consisted of one flow-through share and half of one share purchase warrant; each whole warrant entitling the holder to purchase one non-flow-through share at C$0.10 each for a period of two years from the closing date.
Each NFT unit was priced at C$0.04 and 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 C$0.075 each for a period of five years from the closing date.
The gross proceeds from the FT unit sale will be used for exploration and development of Marvel’s projects in Quebec. The gross proceeds from the NFT unit sale 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 of C$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 C$0.075 each 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.
For further information, please visit: www.marveldiscovery.ca
To read more articles like this, please visit: www.theassay.com
