Source: Marvel Biotechnology
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  • Marvel Biosciences Corp. (MRVL) and its subsidiary, Marvel Biotechnology, have closed the first tranche of its non-brokered private placement
  • The company issued 4,500,000 units priced at $0.10 for gross proceeds of up to $450,000
  • The proceeds of the offering will be used to fund drug formulation, toxicology studies and for general working capital purposes
  • Marvel Biosciences Corp. (MRVL) is a life sciences company focused on the discovery and the development of a synthetic derivative compound of a known proven drug
  • Marvel Biosciences (MRVL) was unchanged, trading at $0.095 at 10:30 AM ET

Marvel Biosciences Corp. (MRVL) and its subsidiary, Marvel Biotechnology, have closed the first tranche of its previously announced non-brokered private placement.

The company issued 4,500,000 units priced at $0.10 for gross proceeds of up to $ $450,000.

Each unit consists of one common share in the capital of the company and one common share purchase warrant.

Each warrant entitles the holder to purchase one common share at an exercise price of $0.15 on or before the date that is the earlier one year from the date of closing.

Warrants are subject to an acceleration clause.

The company paid finders fees of $26,000 in cash commission.

The proceeds of the offering will be used to fund drug formulation, toxicology studies and for general working capital purposes.

Marvel Biosciences Corp. (MRVL) is a life sciences company focused on the discovery and the development of a synthetic derivative compound of a known proven drug.

Marvel Biosciences (MRVL) was unchanged, trading at $0.095 at 10:35 AM ET.

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