Canadian Shells

[Tackler]

CKD Covik to raise $238,474 privately; Foy named to board

2004-08-06 17:29 ET - News Release

Mr. Ian Lambert reports

Covik Development Corp. has arranged a non-brokered private placement of up to 4,769,493 shares at five cents per share for gross proceeds of up to $238,474.65. The proceeds will be used for working capital, primarily to identify and evaluate potential properties or businesses of merit. The private placement is subject to regulatory filing.

The company also announces that James R. Glass has resigned as a director, and that Kaare G. Foy has accepted the company's invitation to fill the resulting vacancy on the board of directors. Mr. Foy is currently chairman and chief financial officer of Great Panther Resources Limited, a director and chief financial officer of Cangold Limited, and president of Oceanic Management Limited.