December 8, 2003
Everton raises $2-million in unit financing
Mr. Dwane Brosseau reports
EVERTON RESOURCES CLOSES $2,000,000 OFFERING
On Dec. 5, 2003, Everton completed its offering of 5,714,300 units at a price of 35 cents per unit for gross proceeds of $2-million under a short form offering document announced in Stockwatch on Oct. 29, 2003. Each unit consists of one common share and one transferable warrant, with every two warrants entitling the holder to purchase one additional common share of Everton at a price of 40 cents until Dec. 5, 2004. Canaccord Capital Corp. acted as agent for the financing. In consideration for the services performed in connection with the offering, Canaccord and its subagents received a cash commission equal to $160,000 (8.0 per cent of the total funds raised) and share purchase warrants entitling them to purchase up to 685,716 common shares of Everton at a price of 40 cents until Dec. 5, 2004. Canaccord also received a corporate finance fee comprising 125,000 common shares of Everton and share purchase warrants entitling it to purchase up to 125,000 common shares of Everton at a price of 40 cents until Dec. 5, 2004.
The proceeds of the offering will be used toward financing 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 Feb. 10, 2003, with GlobeStar Mining Corp., including a drilling program now under way on the Trinidad concession. The proceeds will also be used to pay general and administration costs, and for general working capital.