- Marvel Biosciences (MRVL) announces a debenture offering
- Debentures will bear interest of 8 per cent per annum, payable annually
- The private placement is scheduled to close on or about February 24
- Net proceeds will fund pre-clinical, Good Lab Practice (GLP) testing and toxicology experiments prior to clinical trials
- Marvel Biosciences (MRVL) is up 10 per cent, trading at C$0.11 at 9:38 am EST
Marvel Biosciences (MRVL) announced a non-brokered private placement offering of unsecured convertible debentures of gross proceeds of up to $1,500,000.
The company plans for the debentures to bear interest at the rate of 8 per cent per annum, payable annually.
As for the maturity of these, they will mature on a date that is three years from the closing date.
Private placement
Interest may be repaid in cash or common shares, at the company’s option, based on the 20-day volume weighted average trading price of the common shares on the TSXV, calculated three days before the payment date.
The private placement is scheduled to close on or about February 24 and is subject to regulatory approval.
In addition, all securities issued from the private placement will be subject to a hold period of four months from the date of closing.
As for the net proceeds, they will be used to fund pre-clinical, Good Lab Practice (GLP) testing and toxicology experiments prior to clinical trials.
Lastly, funds will also be used to support the company’s general corporate and working capital requirements.
Marvel Biosciences is based in Calgary and is a pre-clinical stage pharmaceutical development biotechnology company.
Marvel Biosciences (MRVL) is up 10 per cent, trading at C$0.11 at 9:38 am EST.
