Investor Alerts
Coventry Resources Ltd (CVY)
Shares on issue: 68m
Options on Issue: 28m (20c, 30/4/2013)
Fully Diluted market capitalisation: $28.5m
Cash ~ $6m
Enterprise Value (EV): $16.5m
Administrators were appointed to Mobilesoft (MSO)in August 2007
In October 2008, Cygnet Capital in conjunction with Steinepreis Paganin was the successful bidder in a reconstruction proposal to raise $1.8m
In June 2009, Cygnet Capital raised a further $2m for working capital and to assist in the evaluation of new opportunities for the company
In July 2009, the securities of MSO were reinstated to official quotation following the settlement of the deed of company arrangement (DOCA
In August 2009, MSO announced the acquisition of Coventry Resources Limited. Coventry has the rights to the Ardeen Gold project and surrounding areas located in Ontario, CanadaIn September 2009, the company changed its name to Coventry Resources Limited
In October 2009, Cygnet Capital managed a $5m capital raising for the company @ 20c. The issue closed oversubscribed.
In December 2009, the company announced exceptional HIGH GRADE drilling results from the Ardeen Gold Project
Cygnet Capital is of the view that CVY represents an high leveraged, cheap entry into an emerging high grade gold producer
