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POLARX LIMITED — Capital/Financing Update 2016
May 11, 2016
65639_rns_2016-05-11_d53c5e9e-37a2-48e8-bf21-6fe652d814e4.pdf
Capital/Financing Update
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For Immediate Release 12 May 2016 Australian Securities Exchange: CYY
COMPLETION OF $2.7 MILLION PLACEMENT
Coventry Resources Inc. (“Coventry” or the “Company”) advises that it has raised approximately $2.7 million via the issue of 129,000,000 common shares to be held in the form of CHESS Depositary Interests (“Shares”) at an issue price of $0.021 per Share, pursuant to the placement that it announced on 6 May 2016 (“the Placement”). The Placement was undertaken pursuant to the Company’s capacity under Listing Rules 7.1 and 7.1A.
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.
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 as follows:
| s: | |
|---|---|
| Placement issue under ListingRule 7.1 | 24% |
| Placement issue under ListingRule 7.1A | 8% |
| Total dilution as a result of the Placement | 32% |
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(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. The Placement has also allowed the Company to secure additional sophisticated and institutional investors to its register.
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(c) The Placement was not underwritten.
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(d) The Company will incur expenses in relation to the Placement of approximately $180,000.
For further information please contact:
Ian Cunningham Company Secretary +61 8 9226 1356 [email protected]
Coventry Resources Inc.
(limited liability corporation existing under the laws of British Columbia - ARBN 161615783) Australian Registered Office: Suite 9, 5 Centro Avenue, Subiaco Western Australia 6008 PO Box 457, West Perth Western Australia 6872 t: +61 8 9226 1356 f: +61 8 9226 2027 e: [email protected]