This is analog for NCover application, but have some advantages
The project is not in work actually, so you may try the following projects instead:
https://github.com/sawilde/partcover.net4 - original fork
https://github.com/sawilde/opencover - another cover from blessed man who was able to keep PartCover live.
Regarding license: all sources (here at SF) are open. You are free to copy/modify/distribute without any confirm from my side. I cannot garantee the same for files in other locations.