Marvel Biosciences Corp. announced e a non-brokered private placement offering of unsecured convertible debentures for the gross proceeds of CAD 1,500,000 on February 15, 2023. The Debentures will bear interest at the rate of eight percent (8%) per annum, payable annually and will mature on the date that is three years from the closing date.

Interest may be repaid in cash or common shares, at the option of the company, based on the 20 day volume weighted average trading price of the common shares on the TSX Venture Exchange, calculated 3 days prior to the payment date, subject to the minimum price permitted by the TSX Venture Exchange. The Debentures will be convertible at the holder's option into common shares of the company at a conversion price of CAD 0.12 per Common Share. The closing of the Private Placement is expected to occur on or about February 24, 2023, and is subject to regulatory approval, including approval of the TSX Venture Exchange.