Announced it has completed the closing of the first tranche of the previously announced non-brokered private placement of debentures for gross proceeds of $1,000,000, subject to final approval of the TSX Venture Exchange. The Debentures bear interest at the rate of eight percent (8%) per annum, payable annually and mature on the date that is three years from the closing date. Interest may be repaid in cash or common shares of the Corporation. The Debentures are convertible at the holder's option into Common Shares at a conversion price of $0.12 per Common Share. The net proceeds from the Private Placement will be used to fund pre-clinical, Good Lab Practice testing and toxicology experiments prior to clinical trials, in addition to support general corporate and working capital requirements of the Company. Marvel Biosciences Corp shares V.MRVL are trading up one cent at $0.11.