GREY:PPOZF - Post by User
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statesideon Sep 17, 2010 11:16am
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Post# 17460904
PP at $.20 selling for $.16?...Rare indeed
PP at $.20 selling for $.16?...Rare indeedCovenant Resources arranges $500,000 private placement
2010-09-17 11:11 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT
Covenant Resources Ltd. has negotiated a non-brokered private placement for a maximum of 2.5 milion units at a price of 20 cents per unit, for total gross proceeds of $500,000. Each unit comprises one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company for a period of one year at a price of 30 cents per share. The private placement will be subject to regulatory approval. In addition, all securities will be subject to a hold period of four months from the date they are issued. The private placement will be subject to a finder's fee of a 6-per-cent cash fee and 6-per-cent broker warrants.
It is anticipated that the money from the private placement will be used for exploration on the company's recently acquired Alberta Basin properties in Montana (Sweetgrass Arch).
stateside