Marvel Discovery Corp. (TSX-V:MARV) has raised $1.96 million via an oversubscribed non-brokered private placement, which has now closed, by issuing 15,283,369 flow-through (FT) units and 1.19 million non-flow-through (NFT) units.
Each FT unit priced at $0.12 per FT unit consists of one flow-through common share and one-half of one common share purchase warrant with each whole warrant entitling the holder to subscribe for and purchase one non-flow-through common share at a price of $0.25 for a period of 24 months following the issuance date.
Each NFT unit priced at $0.11 per NFT unit 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 at a price of $0.18 for a period of 24 months following the issuance date.
Proceeds from the sale of the FT units will be used for exploration and development of the company's British Columbia, Ontario, Quebec, Saskatchewan, and Newfoundland projects while the proceeds from the sale of the NFT units will be used for general working capital purposes.
Finders' fees totaling $150,680.34 cash and 1,258,670 finders' warrants will be paid in connection with the offering.
Each finders' warrant entitles the holder thereof to subscribe for and purchase one non-flow-through common share at a price of $0.18 for a period of 24 months following the issuance date.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company.
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