Everton Resources Inc. (the “Issuer”) is pleased to announce an offering of up to 5,714,300 units of the Issuer at a price of $0.35 per unit for gross proceeds of up to $2,000,000 under a short-form offering document to be filed pursuant to Policy 4.6 of the TSX Venture Exchange. Each unit will consist of one share and one common share purchase warrant. Every two common share purchase warrants are exercisable to purchase one common share in the capital of the Issuer at an exercise price of $0.40 per share for a period of one year from the date of issue of the units. The offering is subject to a minimum of $1,500,000 being raised.
Canaccord Capital Corporation (the “Agent”) has been appointed as agent for the short-form offering document financing and will receive a cash commission equal to 8.0% of the gross proceeds of the offering together with share purchase warrants (“Agent’s Warrants”) equal to 12% of the number of units sold under the offering. Each Agent’s Warrant will entitle the Agent to purchase one common share of the Issuer at a price of $0.40 per share for a period of one year from the date of issue. The Agent will also be entitled to a corporate finance fee comprised of 125,000 units of the Issuer in respect of fiscal advisory services, due diligence, valuation analysis and associated fiscal agency costs.
The proceeds of the offering will be used towards funding the recommended exploration program on the Issuer’s Bayaguana group of properties in the Dominican Republic, which is the subject of its earning option agreement dated February 10, 2003 with GlobeStar Mining Corporation, including commencing a drilling program on the Trinidad concession. The proceeds will also be used to pay general and administration costs and for general working capital. This financing is subject to regulatory approval.
ON BEHALF OF THE BOARD
Dwane Brosseau, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.