Marvel Discovery Closes Private Placement Raising Total Proceeds Of Over $1M For Exploration On Its Canadian Property Portfolio

Marvel Discovery Corp announced it has closed the second tranche of a non-brokered private placement, raising aggregate gross proceeds of $98,125 after it issued an additional 853,261 non-flow-through units at $0.115 each.

The Vancouver-based resource company said funds from the private placement will go towards the development of its property portfolio, which includes projects across Canada, as well as for general working capital purposes.

Each unit in the placement consists of one common share and one common share purchase warrant, with each warrant entitling the holder to subscribe for and purchase one non-flow-through common share for $0.20 for 24 months following the acceptance date.

Including the first tranche of the placement, Marvel said it will issue a total of 8,047,168 units for total proceeds of $1,006,205.05, subject to the approval of the TSX Venture Exchange.

In total, it said it will also issue 2,661,783 non-flow-through units at $0.115 per unit, also consisting of one common share and one common purchase warrant, entitling the holder to subscribe for a non-flow-through shares for $0.20 for two years from the acceptance date.

The company said finders’ fees totaling $49,908.60 will be paid in connection with the offering under the TSX Venture Exchange policies.

Marvel Discovery has some 10 projects currently and is looking for gold, nickel, copper, cobalt and vanadium in Ontario, Quebec, and Newfoundland, while also being on the hunt for rare earth elements (REE) and uranium in British Columbia.

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