Business
Marvel Biosciences Announces Proposed Debenture Offering
Calgary, Alberta--(Newsfile Corp. - February 15, 2023) - Marvel Biosciences Corp. (TSXV: MRVL) ...
About this update from Marvel Biosciences Corp
[{"type":"text","content":"Marvel Biosciences Announces Proposed Debenture OfferingCalgary, Alberta--(Newsfile Corp. - February 15, 2023) - Marvel Biosciences Corp. (TSXV: MRVL) (\"Marvel\" or the \"Company\") announced today its intention to complete a non-brokered private placement offering of unsecured convertible debentures (\"Debentures\") in the principal amount of up to $1,500,000 (the \"Private Placement\"). The Debentures will bear interest at the rate of eight percent (8%) per annum, payable annually and will mature on the date that is three years from the closing date. Interest may be repaid in cash or Common Shares, at the option of the Company, based on the 20 day volume weighted average trading price of the Common Shares on the TSX Venture Exchange‎, calculated 3 days prior to the payment date, subject to the minimum price permitted by the TSX Venture Exchange (and subject to approval of the TSX Venture Exchange). The Debentures will be convertible at the holder's option into common shares of the Company (\"Common Shares\") at a conversion price of $0.12 per Common Share. The Company can force conversion of the Debentures into Common Shares if the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is at least $0.60 per Common Share for a minimum of 10 consecutive trading days (whether or not trading occurs on such days). The closing of the Private Placement is expected to occur on or about February 24, 2023, and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the Private Placement, please contact the Company. All securities issued in connection with the Private Placement will be subject to a hold period of four months from the date of closing. The net proceeds from the Private Placement will be used to fund pre-clinical, Good Lab Practice (GLP) testing and toxicology experiments prior to clinical trials, in addition to support general corporate and working capital requirements of the Company.Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Marvel Biosciences Corp.Marvel Biosciences Corp., and its wholly owned subsidiary, Marvel Biotechnology Inc., is a Calgary-based pre-clinical st...