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POLARX LIMITED Capital/Financing Update 2015

Dec 14, 2015

65639_rns_2015-12-14_5d58e185-d834-4be2-a64d-ea5af3418c38.pdf

Capital/Financing Update

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For Immediate Release

15 December 2015

Australian Securities Exchange: CYY

COMPLETION OF $0.68 MILLION PLACEMENT

Coventry Resources Inc. (“Coventry” or the “Company”) advises that it has raised approximately $0.68 million via the issue of 22,732,429 common shares to be held in the form of CHESS Depositary Interests (“Shares”) at an issue price of $0.03 per Share, pursuant to the placement that it announced on 7 December 2015 (“the Placement”). The Placement was undertaken pursuant to the Company’s capacity under Listing Rule 7.1A.

Net proceeds from the Placement will be used to continue to advance exploration and development of the highly prospective high‐grade Caribou Dome Copper Project in Alaska, USA, including undertaking metallurgical testwork, geological modelling and preliminary economic studies.

Additional information required under ASX Listing Rule 3.10.5A in relation to the Placement

(a) The dilution to existing shareholders as a result of the Placement issue under Listing Rule 7.1A is 8.3%.
(b) The Company undertook the Placement pursuant to Listing Rule 7.1A as it was considered to be the most certain and efficient method for raising the required funds at the time.
(c) The Placement was not underwritten.
(d) The Company will incur expenses in relation to the Placement of approximately $48,000.

The Company also advises that a further 129,000 Shares have been issued pursuant to the conversion of 129,000 options exercisable at A$0.026 each on or before 30 June 2018.