Vancouver - Marvel Discovery Corp. (TSX-V: MARV), (Frankfurt: O4T1), (MARVF: OTCQB); (the 'Company') Further to the Company's news releases March 17, 2021 and April 23, 2021 the Company received final approval on the plan of arrangement under the Business Corporations Act involving Power-One Resources Corp. ('Power-One').
The Company received the required shareholder approval in connection with the arrangement at its special meeting of shareholders held April 23, 2021. As part of the transaction, Marvel shareholders received 16,000,000 common shares with Marvel receiving 5,000,000 common shares for transferring the Serpent River Pecors Project (Elliott Lake, Ontario), and the Wicheeda Project (Prince George, BC) to Power-One.
Marvel currently holds an equity stake in Power-One of approximately 26%.
Power-One (SPINCO) has arranged a non-brokered private placement to raise gross proceeds of up to $800,000 by issuing flow-through and non-flow-through units. Power-One will close its private placement on or before February 1st, 2022.
Existing Marvel shareholders will have first right of refusal to participate in the offering.
Up to 6,000,000 non-flow-through units will be issued at a deemed price of 10 cents Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to subscribe for and purchase a non-flow-through common share at 30 cents for the first year and at a price of 50 cents until completion of the second year.
Up to 1,538,462 flow-through units will be issued at a deemed price of 13 cents, each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to subscribe for and purchase one common share at a price of 30 cents for the first year and at a price of 50 cents until completion of the second year. The Company will be filing the listing application once all subscriptions have been received.
'We are thrilled to finally move ahead on the listing of Power-One. The Pecors and Wicheeda North projects have significant upside potential for a Tier 1 Discovery', Stated Chief Executive Officer, Karim Rayani. 'Marvel has completed extensive modeling, completing VTEM, ZTEM surveys and drilling at Pecors supporting the magnetic signature of a 5.7 km long 4.2 km wide magnetic anomaly with promising PGM drill results. Combine this with a 20Mt historic resource of 0.037% U308, with significant rare earths makes the Pecors a dynamic property. The Wicheeda North, BC is an earlier stage project that is tied onto Defense Metals property which hosts an indicated resource of 4.89 Mt at 3.02% light rare earths oxides and 2.2 MT at 2.90 % Light Rare Earths.'
Serpent River Pecors
The Serpent River Pecors Property is located 15kms east of Elliot Lake Ontario consists of 10 mining covering 1,840 hectares. Power-One (SPINCO) has a 100 % interest in the Property.
Limited drilling by Rio Algom in 1974 at the Pecors East showing (MDI41J08NW00060) on the Property has reported a non-compliant 43-101 historic resource of 20M tons averaging 0.037% U3O8. Immediately west of the Serpent River Pecors Project is Pele Mountains Eco Ridge uranium-REE project. and In July 2011, Pele Mountain announced the positive results of a Preliminary Economic Assessment study outlining 34.6 Mt at grades of 0.040% U3O8 and 1,455 ppm TREO. Contact style Ni-Cu +/- PGE mineralization on the property is supported by drilling in 2015 by Marvel Discovery in hole P15-23 which intersected 0.33 g/t Pd+Pt+Au and 0.11% Cu, 0.04% Ni over 12m. This style of mineralization was intersected in gabbroic rocks within the Pecors Anomaly.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company.
Contact:
Karim Rayani
Tel: 604 716 0551
Email: k@r7.capital
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
MARVEL DISCOVERY CORP. 
