PERTH (miningweekly.com) – The share price of ASX-listed junior Coventry Resources increased by 70% on Wednesday, on news that the company would be earning an 80% shareholding in an Alaskan copper project.

Coventry told shareholders that it would acquire an 80% interest in the Caribou Dome copper project through the acquisition of unlisted Australian company Aldevco.

Under the takeover agreement, Coventry would issue about 60-million of its shares to Aldevco, subject to the necessary regulatory and shareholder approvals.

Aldevco holds the right to earn a majority interest in Caribou Dome by reimbursing Hatcher Resources some $75 000 in expenses incurred, as well as spending a minimum of $100 000 a year over periods ending September 1 2015, 2016 and 2017.

Aldevco would also be required to spend a minimum of $2-million between September 2014 and 2017, September 2017 and 2020, and September 2020 and 2023.

The unlisted company had to spend a total of $9-million on the project, or complete a feasibility study on the project by June 2023.

Hatcher would retain a 10% interest in the Caribou Dome project following the completion of the earn-in, with the remaining 10% held by SV Metals. The current project owner, C-D Development Corporation would retain a 5% net smelter royalty in the project, with Coventry retaining the right to purchase the royalty for $1-million for each 1%.

Mineralisation has been identified over nearly 4 000 m of strike at Caribou Dome, and Coventry would initially target the delineation of between five-million and ten-million tonnes of mineralisation at between 2.5% and 4% copper.

Coventry meanwhile also announced that it would also delist from the TSX Venture Exchange, subject to approval.

The decision to apply for the delisting was driven by the company’s management team being based out of Australia, and the majority of the shareholders either being registered on the Australian share register or residing in Australia.

It was hoped that the delisting would also reduce administrative costs and burdens.

Coventry was trading at a high of 1.8c a share on Wednesday, up from an opening price of 1.5c a share.