Crescent and Coventry Complete Business Combination
Crescent Resources Corp.(CRC.V) has completed a business combination with Coventry Resources Limited (CYY.V) as previously announced in the Companyâs press releases dated September 10, 2012 and October 11, 2012. The Transaction took the form of a share exchange resulting in Coventry becoming a wholly-owned subsidiary of the Company.
Immediately prior to the completion of the Transaction, the Company completed a consolidation of its common shares on a 5:1 basis, in which five old Company shares were exchanged for one new Company share.
Concurrent with the closing of the Transaction, the Company also converted 15,186,000 subscription receipts into 3,037,200 post-Consolidation shares that were issued to investors and finders under the Companyâs non-brokered private placement that previously closed on October 11, 2012. These shares are subject to a hold period expiring on February 12, 2013. The gross proceeds of the Financing totaling $750,000 have now been released to the Company from escrow.
Coventry is now trading at 40 cents.
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