VANCOUVER, British Columbia, Feb. 16, 2022 (GLOBE NEWSWIRE) -- COVER TECHNOLOGIES INC. (CSE: COVE) (OTC: MGPRF) (Frankfurt: 304A) (the “Company” or “Cover”) is pleased to announce that it has closed a non-brokered private placement and issued 1,453,431 common shares (“Shares”) at a price of CAD $0.255 per Share for gross aggregate proceeds of $370,624.91 (the “Private Placement”).
No finder’s fees were paid on the Private Placement. The Company intends to use the net proceeds from the Private Placement for payment of current payables and general working capital purposes. All securities issued in connection with the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.
On behalf of the Board of Directors of the Company,
COVER TECHNOLOGIES INC.
Dorian Banks, CEO
For further information, please contact:
Cover Technologies Inc. Investor Relations
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
About Cover Technologies Inc.
Cover Technologies Inc. is a technology research and development company with a focus on emerging technologies and solutions. In addition to the current research and development on its magnesium processing technology, Cover Technologies is in pursuit of identifying opportunities in emerging technologies. For further information or questions regarding the Company kindly contact the Company via email at firstname.lastname@example.org. Additional information can be found by viewing the Company’s filings at www.sedar.com.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.