September 01, 2016 09:01 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2016) - 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:
Coventry Resources LimitedIan CunninghamCompany Secretary+61 8 9226 firstname.lastname@example.org
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