Marvel Biosciences closes private placement raising $1.6 million

Marvel Biosciences Corp. (TSXV: MRVL) (OTCQB: MBCOF) has closed a non-brokered private placement, raising gross proceeds of $1,598,144.70, below its stated maximum of $3.0 million, according to a company press release.

The Calgary-based biotechnology company issued 10,654,298 units at $0.15 per unit. Each unit consists of one common share and one warrant, with each warrant exercisable at $0.20 per share beginning on the 61st day after closing, for a period of one year from the closing date.

The company may accelerate warrant expiry if the volume weighted average trading price of its common shares on the TSX Venture Exchange reaches at least $0.25 for five consecutive trading days, provided warrant holders receive no less than 30 days' notice.

Marvel paid $77,175.49 in cash finder's fees and issued 494,737 finder's warrants in connection with the offering. Raymond James Ltd., Canaccord Genuity Corp., Research Capital Corporation, Acumen Capital Finance Partners Limited, Hampton Securities, and Leede Financial Inc. acted as finders.

The company stated that net proceeds will be used to fund a deposit for phase 1 clinical trials of its lead compound MB-204, cover general and administrative expenses, and support general working capital.

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