By Laura Lutz
Washington, Jan. 31 - Everton Resources Inc. intends to conduct a private placement of units for up to C$10 million.
The company plans to issue up to 8 million units of one share and one half-share warrant at C$1.25 per unit. Each whole warrant will be exercisable at C$1.65 for 18 months.
Expiry of the warrants will be accelerated to 30 days if the weighted average price of the company's shares is at least C$2.50 for 20 consecutive days.
The deal will be placed through a syndicate of agents led by Orion Securities Inc. and including Canaccord Adams Inc.
Proceeds will be used for exploration and development and for general corporate purposes.
Settlement is expected in mid-February.
Everton is a resource exploration company based in Ottawa, Ont.
| Issuer: | Everton Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 8 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.65
|
| Agents: | Orion Securities Inc. (lead), Canaccord Adams Inc.
|
| Pricing date: | Jan. 31
|
| Stock symbol: | TSX Venture: EVR
|
| Stock price: | C$1.26 at close Jan. 31
|
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