VANCOUVER, BC / ACCESSWIRE / January 17, 2024 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to report on the status of Power One Resources Corp. ("Power One"). Power One previously was a wholly owned subsidiary of Marvel and pursuant to a plan of arrangement (Spin-Out) in 2021, became a stand-alone reporting issuer with the intention of listing its shares on the TSX Venture Exchange ("TSXV").
The Company is pleased to announce that Power One's common shares will commence trading on the TSXV on January 18, 2024, under the trading symbol "PWRO".
Power One's focus is on its strategic minerals projects, Pecors Property (Ontario) and the Wicheeda North Property in Prince George (B.C.) which is directly tied on to Defense Metals Corp's rare earth deposit.
The Pecors Property is located about 115 km west of Sudbury and about 16 km east of Elliot Lake, Ontario. Immediately west of the Serpent River Pecors Project is Pele Mountain's Eco Ridge uranium/rare earth element project which is now owned by Radio Fuels symbol "CAKE".
Past work by Marvel identified a large anomaly 7kms long by 3kms wide and 2kms deep. It is prospective for copper, nickel and platinum group element (PGE) mineralization. This property was originally explored for uranium, but recent work resulted in the search for base metals instead. The technical report received by Power One recommends a $520,000 program of data analysis and a 2,000-metre drill program. The work program commenced in December 2023 and will take until late-January 2024 to complete. A copy of the Pecors technical report is available on SEDAR+ under Power One's profile.
The Wicheeda North Property is located about 80 km due north of the city of Prince George and 60 km east of the community of Bear Lake, British Columbia. It is prospective for rare earth element (REE) mineralization. The exploration history of the Wicheeda North Property is limited to an airborne geophysical survey that covered the northeast half of the property and grid-based soil geochemical sampling in the east and northeast parts of the property. The technical report received by Power One recommends a $120,505 program of soil geochemical sampling and an airborne electromagnetic geophysical survey. Completion of the work program is conditional upon Power One raising sufficient funds, and there is no assurance Power One will be successful in that regard. A copy of the Wicheeda North technical report is available on SEDAR+ under Power One's profile.
Capital Structure
Power One has approximately $632,485 of funds available, which it intends to use toward finishing the recommended work program on the Pecors Property ($205,000, as $315,000 has been paid to date), the remaining costs of listing on the TSXV, and for general and administrative costs. With a total of 33,218,597 shares issued. (13,983,846 warrants) (1,900,000 options). A total of 8,507,000 shares are subject to escrow restrictions, whereby 10% will be released upon the commencement of trading, with an additional 15% every six months thereafter over 36 months. The principal shareholders of Power One are Marvel Discovery Corp. which holds 5,000,000 shares (representing 15.05% of Power One's outstanding shares), and Karim Rayani who, directly and through R7 Capital Ventures Ltd., controls 3,507,000 shares (representing 10.56% of Power One's outstanding shares).
Listing Application
In connection with Power One's listing on the TSXV, it has prepared and filed on SEDAR+ a Listing Application in the form prescribed by the TSXV. The Listing Application, together with the financial statements, MD&A and technical reports as incorporated by reference therein, provides full details of Power One, its business, management, capital structure and risk factors. Readers are encouraged to review the Listing Application in its entirety.
Grant of Stock Options and RSUs
Marvel has also issued 4 millon incentive stock options and 1 million RSUs to certain officers, directors and consultants of the Company pursuant to its security-based compensation plan. The stock options are exercisable at a price of .05 cents for a 5 year period.
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 , (Gander East, Gander South, Victoria Lake, and Hope Brook, Au- Li Prospects.)
- Atikokan, Ontario (BlackFly - Au Prospect)
- 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: 604 716-1036 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. 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. There is no assurance any of the conditions for closing will be met. 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.