Marvel Gold Limited has announced that its subsidiary, Evolution Energy Minerals Limited, has lodged a prospectus with the Australian Securities and Investments Commission for an initial public offering (IPO) and listing on the ASX. The IPO aims to issue 110 million new shares in Evolution at a price of A$0.20 per share, raising a total of A$22 million. The offer includes a priority offer to Marvel shareholders for up to A$2 million. ARCH Sustainable Resources Fund LP, an ESG-focused fund, will serve as a cornerstone investor, subscribing for A$8 million worth of shares. Marvel will hold approximately 31% of Evolution's issued shares and will receive up to A$2 million cash as consideration for the sale of the Chilalo Graphite Project. Evolution plans to use the funds raised to develop the Chilalo Graphite Project.