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Covik arranges $300,000 private placement

2005-08-18 17:19 ET - News Release

Mr. Kaare Foy reports

COVIK TO RAISE $300,000 PRIVATELY

Covik Development Corp. is arranging a non-brokered private placement of approximately 2.5 million units at 12 cents per unit for gross proceeds of approximately $300,000. Each unit will comprise one common share and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to acquire, upon exercise, one further common share of the company for a period of one year at a price of 15 cents. The proceeds will be added to working capital and used primarily for continuing asset acquisition investigations and evaluations. Some finder's fees may be payable.

The private placement is subject to acceptance for filing by the TSX Venture Exchange. Upon acceptance, it is anticipated that the private placement will close in September, 2005.