$1,816,500 Private PlacementEverton Closes a $1,816,500 Private Placement
OTTAWA, ONTARIO, Nov 02, 2010 (MARKETWIRE via COMTEX News Network) --
Everton Resources Inc. (TSX VENTURE: EVR)(FRANKFURT: ERV) Everton is pleased to announce the closing of a non-brokered private placement for gross proceeds of $1,816,500 (the "Placement"). The Placement consists of the issuance of 7,266,000 units at a price of
.25 per unit (the "Units"). Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of
.40 for a period of twenty-four months following the closing date.
In connection with the Placement, the Company paid a cash finder's fee to an eligible party totalling $181,650 and issued, as additional consideration, 726,600 non-transferable warrants entitling the holder to acquire the same number of common shares of the Company at a price of
.25 per common share for a period of twenty-four (24) months following the closing date. The securities issued in connection with the Placement are subject to a four month hold period.
The proceeds from the placement will be used to continue drilling several gold-copper targets on Ampliacion Pueblo Viejo project in the Dominican Republic.
In Other News:
Everton has granted options to purchase up to 607,000 common shares of the Company to a Director, an Officer, and a Consultant. Each option entitles the holder to purchase one common share of the Company at a price of
.25 per share for a period of five years ending October 27, 2015.
Everton is partnered with Brigus Gold on actively exploring in the Dominican Republic adjacent to the US$2.7 billion Pueblo Viejo project, currently being developed by the world's largest gold mining company, Barrick Gold Corporation (60%) (TSX: ABX)(NYSE: ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG)(TSX: G). Planned divestiture of its 100%-owned subsidiary Hays Lake Gold containing the Shoal Lake Gold Project in Kenora, Ontario is expected to provide internal funding to advance the Ampliacion Pueblo Viejo project. Everton also holds an interest in the Opinaca region of James Bay, Quebec where the Company has partnered with Aurizon Mines Ltd. who is advancing Everton's interest by funding 100% of all exploration work on one of the largest land packages adjacent to Goldcorp's Eleonore gold deposit.