Marvel Discovery Corp announced it had closed the first tranche of a non-brokered private placement for aggregate gross proceeds of $908,080.
Funds from the private placement will go towards development of the resource company's property portfolio, which includes projects across Canada.
READ: Marvel Discovery acquires Saskatchewan-based Highway North Property for uranium exploration
The Vancouver-based company issued 5,385,385 flow-through units at a price of $0.13 per unit. Each unit consisted of one flow-through share and one-half of one warrant exercisable at a price of $0.25 for a period of 24 months following the acceptance date.
Marvel has also issued 1,808,522 non-flow-through units at a price of $0.115 per unit, with each warrant entitling the holder to subscribe for and purchase one non-flow-through share at a price of $0.20 for a period of 24 months following the acceptance date.
Additional proceeds from the private placement will be used for general working capital purposes.
The company paid finders fees of $47,248 to GloRes Securities Inc and $1,610 to German Mining Networks GmbH.
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