Marvel Biosciences Plans $500K 12% Convertible Debenture Offering
Marvel Biosciences intends a non-brokered private placement of unsecured convertible debentures totaling $500,000 at 12% interest due December 31, 2027. Debentures convert at $0.12 per share with forced conversion if the 20-day VWAP reaches $0.60 for 10 consecutive days; proceeds will fund drug formulation and toxicology.
1. Offering Details
Marvel Biosciences has launched a non-brokered private placement offering of unsecured convertible debentures for up to $500,000, subject to TSX Venture Exchange approval. The debentures will mature on December 31, 2027 and bear interest at 12% per annum, payable annually.
2. Conversion and Interest Terms
Holders may convert debentures into common shares at $0.12 per share at their option. The company may force conversion if the 20-day volume-weighted average share price hits $0.60 for 10 straight trading days. Interest payments can be made in cash or common shares based on a 20-day VWAP.
3. Use of Proceeds
Net proceeds from the offering will finance drug formulation and toxicology studies for MB-204, and support general working capital requirements. No commissions or finder's fees will be paid in connection with the placement.
4. Company Background
Marvel Biosciences is a pre-clinical stage biotechnology firm developing MB-204, a fluorinated derivative of an approved anti-Parkinson’s drug targeting the adenosine A2a receptor. The company is investigating its potential in neurological and neurodevelopmental disorders such as autism, depression, Alzheimer’s, Rett Syndrome, and Fragile X Syndrome.