VANCOUVER, BC / ACCESSWIRE / August 10, 2021 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); ("Marvel" or the "Company") reports that Karim Rayani (The "Acquiror") both directly, and indirectly through R7 Capital Ventures Ltd. ("R7 Capital"), an investment company wholly owned by Karim Rayani acquired an aggregate of 8,259,000 common shares of Marvel Discovery Corp. ("Marvel") by way of a series of open market purchases on the TSX Venture Exchange. As a result of the July 16th 2021 acquisition of 420,000 common shares in Marvel, the Acquiror now holds 10.5% of the issued and outstanding common shares in the Company.
The Acquiror has paid an aggregate of $794,515.80 representing an average purchase price of approximately $0.0962 per share. On June 28, 2021, R7 Capital, by way of a private placement acquired a further 2,000,000 common units at price of $0.10 cents for an aggregate of $200,000 comprising of one common share and one share purchase warrant exercisable at $0.15 cents for a three-year period. The Acquiror has received incentive stock options to purchase an additional 1,825,000 shares of the Company. Together the shares purchased directly and indirectly, warrants, and stock options received by the Acquiror represents 14.9% of the issued and outstanding common shares of the Company (assuming exercise of all warrants and stock options held).
Mr. Rayani now owns or has control or direction over (8,259,000 common shares representing 10.5%) for a total investment of $794,515.80. Assuming exercise of all stock options and warrants that total would represent 12,369,000 shares (14.9% of Marvel's issued and outstanding common shares).
The shares were acquired by Mr. Rayani for investment purposes. Mr. Rayani may acquire additional securities of Marvel either on the open market, or through private acquisitions, or sell securities of Marvel either on the open market, or through private dispositions, in the future depending on market conditions, reformulation of plans and or relevant factors. Other than the foregoing, Mr. Rayani does not have any plans or any future intentions that relate to, or would result in, any of other foregoing matters.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's filings on the System for Electronic Document Analysis and Retrieval (SEDAR)
About Marvel Discovery Corp.
Marvel, 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 South, Victoria Lake and Hope Brook - Au Prospects)
- Atikokan, Ontario (BlackFly - Au prospect)
- Red Lake, Ontario (Camping Lake - Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors -Ni-Cu-PGE discovery) & (Uranium- REE's)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE prospect)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 Email: [email protected]
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Marvel Discovery Corp.