UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 23, 1997
Date of Report (Date of earliest event reported)
COVOL TECHNOLOGIES, INC.
(Exact Name of Registrant as specified in its charter)
Delaware 0-27803 87-0547337
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(State or other juris- (Commission File (IRS Employer
diction of incorporation) Number) Identification No.)
3280 North Frontage Road
Lehi, Utah, 84043
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(Address of principal (Zip Code)
executive offices)
(801) 768-4481
(Registrant's telephone number, including area code)
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Item 7. Exhibits
(c) Exhibits.
99.3 Press Release issued by Registrant on June 6, 1997.
Item 9. Sales of Equity Securities Pursuant to Regulation S
As of May 23, 1997, Covol Technologies, Inc. (the "Company") received
funds and accepted subscriptions for the sale of 220,000 units (the "Units"),
each Unit consisting of one share of common stock of the Company, $0.001 par
value per share (the "Common Stock"), and a warrant to acquire one share of
Common Stock of the Company at a price of $7.25 per share (the "Warrants"), at a
purchase price of $6.00 per Unit, or a total of $1,320,000. The Warrants are
exercisable at any time prior to the second anniversary of their issuance. Based
upon representations made to the Company, the Units were sold to accredited
non-U.S. persons in reliance on Regulation S (the "Non-U.S. Person").
Doyle Capital Resources, an Australian entity located at Level 12, 167
Macquarie Street, Sydney NSW 2000 Australia ("Doyle Capital Resources"), and
Amykone Pty Ltd, an Australian entity located at Level 4, 70 Castlereagh Street,
Sydney NSW 2000 Australia ("Amykone"), acted as finders in the sale to the
Non-U.S. Persons. As compensation for acting as finders, Doyle Capital Resources
received a cash fee of five percent of the proceeds of the offering and Amykone
received warrants to purchase 55,000 shares of Common Stock from the Company at
a price of $7.25 per share. The Warrants are exercisable at any time prior to
the second anniversary of their issuance. Based upon representations made to the
Company, Amykone is a non-U.S. person and the Warrants were issued in reliance
on Regulation S.
Alan Doyle is a director and principal shareholder of Doyle Capital
Resources and John C. Pooley is a director and principal shareholder of Amykone.
Mr. Doyle serves as Chairman of the Board and Mr. Pooley serves as a director of
Covol Australia Ltd. ("CAL"). CAL is an Australian entity formed to recycle
waste by-products from the Australian coal and steel industries into fuel and
iron briquettes using the Company's patented technology. The Company holds a 15
percent interest in CAL.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
COVOL TECHNOLOGIES, INC.
(Registrant)
/s/Stanley M. Kimball
Date: May 23, 1997 ---------------------------------
By: Stanley M. Kimball
Title: Chief Financial Officer
FOR IMMEDIATE RELEASE
Date: June 6, 1997
OTC Bulletin Board Symbol: CVOL
Covol Investor Contact: Alan Ayers (801) 768-4481
(801) 768-4483 FAX
COVOL Technologies, Inc., announces licensing agreement with Covol Australia,
Ltd.
Lehi, Utah--Covol Technologies, Inc. (CVOL) today announced that it has entered
into a new licensing agreement with Covol Australia Ltd. ("CAL") to expand the
use of its patented technology to that mineral rich country.
Covol maintains a 15 percent interest in CAL and Brent M. Cook, President and
CEO of Covol, is a member of CAL's board of directors. CAL has received its
initial capitalization and is working to be listed as a public company in
Australia.
Alan Doyle is the Chairman of CAL and brings to it a background in resource
recovery and financial services, including work as a mining analyst for two
international stock brokerage companies before establishing his own corporate
advisory company in Australia. Doyle is also chairman of International Precious
Metals, Inc., a listed U.S. mining corporation with operations in Arizona.
CAL will use Covol's patented technology to recycle waste by-products from the
Australian coal and steel industries into fuel and iron briquettes. CAL will
also extend the technology to recover other minerals and metals.
Covol Technologies, Inc. is a technology development company focused on
recycling yesterday's waste into tomorrow's resources.
Forward looking statements in this release involve a number of risks and
uncertainties including, but not limited to, product demand, market acceptance,
changing economic conditions, risks in product and technology development, the
effect of the company's accounting policies and other risk factors detailed in
the company's SEC filings.
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