New shares are priced at 6c each, an 11% premium to recent market pricing.

The German firm(s) will hold an 11.6% stake in Marvel.

Formerly known as Graphex Mining, Marvel is also in the process of spinning out its Tanzania graphite asset (Chilalo), into a subsidiary called Evolution Energy Minerals.

Graphex became Marvel and began a focus on gold in Mali last year.

Assuming the spin-out and IPO goes to plan, Marvel will hold 10 million share in Evolution and be paid $2 million cash, while a firm owed $9.5 million (secured against Chilalo), will be repaid in full out of IPO proceeds.

Meanwhile, Marvel is to continue exploring in Mali.

Shares in Marvel last traded at 5.4c, capitalising the company at $27.5 million.