Coventry Resources Limited: Completion of A$1.8 Million Placement
/EINPresswire.com/ -- Coventry Resources Limited ("Coventry" or the "Company") (ASX:CYY) advises that it has raised approximately A$1.8 million via the issue of 56,473,750 ordinary shares ("Shares") at an issue price of A$0.032 per Share, pursuant to the placement that it announced on August 26, 2016 ("the Placement"). The Placement was undertaken pursuant to the Company's capacity under ASX Listing Rule 7.1.
Net proceeds from the Placement will be used to continue to advance exploration and development at the high-grade Caribou Dome Copper Project in Alaska, USA and for general working capital.
The Company also advises that it has issued 2,000,000 options, each exercisable at A$0.039 on or before August 30, 2019. The options were issued in lieu of cash for consulting services provided to the Company.
Secondary Trading Notice
The Australian Corporations Act ("the Act") restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Act. By the Company giving this notice, sale of the Shares noted above will fall within the exemption is section 708A(5) of the Act.
Accordingly, the Company gives notice pursuant to section 708A(5)(e) of the Act that:
- the Shares were issued without disclosure to investors under Part 6D.2 of the Act;
- as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company and section 674 of the Act; and
- there is no excluded information as at the date of this notice, for the purpose of sections 708A(7) and (8) of the Act.
Coventry Resources Limited
Ian Cunningham
Company Secretary
+61 8 9226 1356
icunningham@coventryres.com
www.coventryres.com
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