MRVL PET PHARMA Closes Financing at $4.246 Million, Appoints New CEO, Effects Name Change and Announces Spinout of Medical Device Technology
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2021) - MRVL Pet Pharmaceuticals Corp. (the "Company" or "MRVL") announced today that it has closed on a total of $4,245,653 with the closing of a 2nd tranche (final) of the private placement of 6,548,268 units at a price of $0.325 per unit for gross proceeds of $2,128,187. Each unit consisted of one common share and a half warrant. Each whole warrant will entitle the subscriber to purchase an additional common share at an exercise price of $0.50 per share on or before February 10, 2022.
Total finders' fees on the first and second (final) tranche were $43,973 in cash and $223,275 to be satisfied by the issuance of 687,000 shares at a deemed price of $0.325 per share. In addition, a total of 135,300 Finders Warrants were issued with an exercise price of $0.50 per share with an expiry date of January 8, 2022.
Along with the closing of the $4.246 Million financing, Dr. Joel Beth Navratik will be appointed CEO of MRVL. Dr. Navratik earned a Bachelor of Science degree in Zoology and a Doctor of Veterinary Medicine, both from the University of Florida. She completed her internship in small animal medicine and surgery at the world-renowned Animal Medical Center and Bobst Hospital in New York City, NY in 1994. After training she joined a veterinary practice in Aventura, Florida then became a partner and grew it from a 2.5 doctor practice to a thriving 6 doctor 24/7 referral ER facility. She sold the practice to VCA in 2012 and stayed on as medical Director until 2020. She served as corporate Medical Director for an 8 veterinary hospital corporation in South Florida from 2000-2012. In 2013, Dr. Navratik also consulted in the development of OcuBright, a veterinary tear stain supplement that eliminates tear stains in dogs. She developed a clinical trial with a veterinary ophthalmologist to determine the safety and efficacy of OcuBright. In 2017 she co-developed a Veterinary CE company that would provide state mandated RACE approved continuing education for veterinarians and technicians.
The Company announces that it has effected the previously announced name to MRVL Pet Pharmaceuticals Corp. (formerly EGF Health Holdings Corp.) as it will be focusing on the pharmaceutical sector for veterinary industry. The new CUSIP is 55349X101 and the new ISIN is CA55349X1015. The name change will automatically be reflected in any accounts after February 15th, 2021 and any share certificates will need to be exchanged with the company's transfer agent.
The Company also announces in conjunction with completing the transaction with MRVL it will hold an AGM to vote on the spinout of its medical device technology for shareholders of record on the effective date of December 24, 2020, prior to the MRVL transaction.
About MRVL Pet Pharmaceuticals Corp.
MRVL Pet Pharmaceuticals Corp. (formerly EGF Health Holdings Corp.) is a Vancouver, B.C. based early-stage life sciences and technology company seeking to acquire or develop business ventures in health and technologies.
MRVL PET PHARMACEUTICALS CORP.
Dr. Joel Beth Navratik,
Mr. Derrick Gaon,
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future, including but not limited to, statements regarding the private placement, name change and transaction with MRVL.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the life science and technology industries and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate.
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