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The announcement follows Marvel’s successful spinout of Power One Resources Corp, which focuses on nickel and rare earth elements and is is now finalizing its listing application, the Vancouver-based resource company said
Marvel Discovery Corp. (TSX-V:MARV) has announced the formation of two new subsidiaries – New Marvel Gold Corp and New Marvel Energy Corp – to streamline its Canadian project portfolio.
The announcement follows Marvel’s successful spinout of Power One Resources Corp, which focuses on nickel and rare earth elements. Power One is now finalizing its listing application, the Vancouver-based resource company said.
“Marvel is setting up for a very busy 2022,” CEO Karim Rayani said in a statement. “In preparation for this growth, we are setting a strategy to finance our portfolio with minimal dilution while maximizing shareholder value.”
READ: Marvel says it is ‘very excited’ by preliminary data from ground magnetic survey at Highway North uranium project in Athabasca Basin
The company told investors it is evaluating several scenarios that will be “advantageous” to stakeholders regarding the formation of New Marvel Gold and New Marvel Energy. One possible scenario would be to have its Newfoundland assets transferred under the New Marvel Gold subsidiary, Marvel said, while New Marvel Energy would focus on energy and technology.
If that scenario were to take place, Marvel’s Key Lake asset in Saskatchewan’s Athabasca Basin would fall under New Marvel Energy. Key Lake is a prospective project located 70 kilometres southwest of the former Key Lake Uranium Mine in the Basin, which is home to some of the world’s highest-grade uranium deposits.
New Marvel Energy’s focus in conjunction with this strategy will be technology, Marvel said, adding that it is in the process of completing a design study for standardized nuclear fuel for small modular nuclear reactors (SMR) for use in land and energy, including long-range space flight.
“The opportunity at Key Lake has tremendous potential and Marvel was fortunate that we could take this on. It is near impossible at this stage in the uranium cycle to find a project like this,” Rayani said.
“Marvel’s timing could not be better as we work towards a common goal of a Tier 1 Discovery not just in gold but now in energy,” he added.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas
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