Marvel Discovery Corp. (TSX-V:MARV) said it has arranged a non-brokered private placement to raise total proceeds of up to $1.9 million by issuing up to 15,283,366 flow-through (FT) units and issuing up to 599,963 non-flow-through (NFT) units.
The aggregate gross proceeds from the sale of the FT offering will be used for exploration and development of the company's British Columbia, Saskatchewan, Ontario, Quebec and Newfoundland projects.
Each FT unit priced at 12 cents per unit will consist of one flow-through common share and one-half of one common share purchase warrant, each whole warrant entitling the holder to subscribe for and purchase one non-flow-through common share at a price of 25 cents for a period of 24 months following the issuance date.
Each NFT unit priced at 11 cents per unit will consist of one common share and one common share purchase warrant, each warrant entitling the holder to subscribe for and purchase one non-flow-through common share at a price of 18 cents for a period of 24 months following the issuance date.
READ: Marvel Discovery applies for drill program at Quebec Duhamel nickel-copper-cobalt-platinum group property
A finder's fee may be paid in accordance with the policies of the TSX Venture Exchange.
All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing. Final acceptance is subject to TSX Venture Exchange approval.
Marvel Discovery, 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 -- gold prospects);
- Atikokan, Ontario (BlackFly -- Au prospect);
- Elliot Lake, Ontario (East Bull -- nickel-copper-platinum-group-element prospect);
- Quebec (Duhamel -- nickel-copper-cobalt prospect, and titanium, vanadium and chromium prospect);
- Prince George, British Columbia (Wicheeda North -- rare earth elements prospect).
Contact the author at jon.hopkins@proactiveinvestors.com