Marvel Discovery advances its spin-out of Serpent River/Pecors and Wicheeda North properties

Marvel Discovery Corp (CVE:MARV) (FRA:O4T) (OTCPINK:IMTFF) reports that its plans to spin out its Serpent River/Pecors and Wicheeda North properties are advancing. 

The spin-out, which will place the properties into a newly incorporated, wholly-owned subsidiary of the company called Power One Resources Corp, won shareholder approval on April 23, followed by the Supreme Court of British Columbia’s okay on April 28. 

READ: International Montoro Resources to change name to Marvel Discovery Corp

The arrangement is anticipated to be completed on May 13, and the new subsidiary (Spinco) will:

• Assume the expenses currently outstanding and owing by the company in connection with acquiring, exploring or maintaining the properties;
• Issue 5 million common shares in the capital of Spinco to the company;
• Issue to company shareholders one Spinco common share for every five common shares held in the capital of the company; and
• Pursuant to the arrangement, company shareholders will receive, for every five company shares held, one Spinco share based on the total number of issued and outstanding company shares as of the close of business on May 7. The number of company shares held by each shareholder will not change as a result of the arrangement.

Marvel Discovery is a Canadian-based emerging resource company that has been listed on the TSX Venture Exchange for over 25 years. The company is systematically exploring its extensive property positions in:

• Exploits Zone, Newfoundland (Slip and Victoria Lake – gold prospects)
• Atikokan, Ontario (BlackFly -  gold prospect)
• Red Lake, Ontario (Camping Lake – gold prospect)
• Elliot Lake, Ontario (Serpent River/Pecors – nickel-copper-PGE discovery) & (Uranium- rare earth elements)
• Quebec (Duhamel – nickel-copper-cobalt prospect & titanium, vanadium, and chromium prospect)
• Prince George, British Columbia (Wicheeda North – REEs prospect)

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Story by ProactiveInvestors