March 17, 2021. Vancouver, B.C. – Marvel Discovery Corp. (TSX-V: MARV), (Frankfurt: O4T1), (IMTFF: OTC PINKS); (“Marvel” or the “Company”) announces that an extraordinary general meeting of the shareholders of the Company has been scheduled for April 23, 2021 at 10:00 a.m. Pacific Time (the “EGM”). The purpose of the EGM is to, among other things, consider and, if thought fit, approve a special resolution with respect to a plan of arrangement (the “Spin-Out”) pursuant to which the Company will spin out its Serpent River/Pecors and Wicheeda North properties (the “Properties”) into a newly incorporated, wholly owned subsidiary of the Company, to be called Power One Resources Corp. (“Power One”).
It is proposed that the Spin-Out will result in shareholders of the Company receiving one common share of Power One for every five common shares held in the Company. There will be no change in shareholders’ holding in the Company as a result of the Spin-Out.
Further details of the Spin-Out will be announced in the near future. Shareholders are cautioned that the final details of the Spin-Out are still to be determined and there is no certainty that the Spin-Out will be completed on the terms currently proposed or at all. In addition to being subject to the approval of the Company’s shareholders, the Spin-Out is also subject to the approval of the British Columbia Supreme Court and the TSX Venture Exchange.
The record date for the EGM is March 24, 2021. The EGM will be held at 29th floor, 595 Burrard Street, Vancouver, British Columbia. The Company has filed a Notice of Meeting and Record Date, accessible on the Company’s profile on SEDAR at www.sedar.com. Additional information with respect to the EGM and the matters to be considered thereat, including the Spin-Out, will be detailed in the EGM materials, which are expected to be mailed to shareholders and concurrently filed on SEDAR in late-March.
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:
- Exploits Zone, Newfoundland (Slip and Victoria Lake – 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)
- Quebec (Duhamel –Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North – Rare Earth Elements prospect)