24/05/2017 - 12:50

Coventry to buy Alaskan explorer

24/05/2017 - 12:50

Bookmark

Save articles for future reference.

Subiaco-based Coventry Resources will be rebranded after completing the $8.3 million acquisition of a gold explorer focused on projects in Alaska, and announcing plans for a $10 million raising.

Coventry to buy Alaskan explorer
The merged company will continue exploring for copper and gold in Alaska.

Subiaco-based Coventry Resources will be rebranded after completing the $8.3 million acquisition of a gold explorer focused on projects in Alaska, and announcing plans for a $10 million raising.

Coventry will issue about 459.9 million shares to acquire Perth-based Vista Minerals, which owns the Stellar copper-gold project in Alaska.

In a statement today, Coventry said the Stellar project, combined with its Caribou Dome project, formed a contiguous package of tenements.

As part of the acquisition, the proposed merged company is planning to raise $10 million from investors, and rename itself as Polaris Minerals.

It will retain Coventry’s ASX listing, with Coventry’s management team to be restructured to include the appointments of Vista representatives Frazer Tabeart as chief executive and Jason Berton as an executive director.

Mark Bojanjac will retain his position as executive chairman, while Ian Cunningham will remain chief financial officer.

Coventry said the raising was enough to fund two years of drilling and begin feasibility study work on both of the projects.

The merged company hopes to resume on-site work by July following completion of the acquisition.

Coventry shares were unchanged at 1.8 cents each at 12:45pm.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options