Everton Resources Inc.
TSX VENTURE : EVR

Everton Resources Inc.

February 21, 2017 16:30 ET

Everton Announces the Closing of the 2nd and Final Tranche of the $1,103,250 Non-brokered Private Placement

OTTAWA, ONTARIO--(Marketwired - Feb. 21, 2017) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Everton Resources Inc. ("Everton" or the "Corporation") (TSX VENTURE:EVR) announces the closing of the 2nd tranche of its non-brokered private placement by issuing 12,070,000 units of the Corporation for gross proceeds of $603,500. Each Unit consisted of one common share (the "Common Share") of the Corporation at a price of $0.05 per Common Share and one-half common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.07 per common share for a period of twenty-four (24) months to expire February 21, 2019.

All securities issued in the second tranche private placement are subject to a four-month hold period expiring on June 22, 2017. The proceeds of the financing will be used primarily to complete the phase one drilling program on the Arroyo Carpintero property, advance exploration work in other Dominican Republic properties, and for general working capital requirements.

In connection with the closing of the 2nd tranche of this private placement, the Corporation will pay cash finder's fees of $41,200. A total of 24,000 finder's warrants were also issued. Each finder's warrant entitling the finder to purchase one common share in the capital of the Corporation at a price of $0.07 per finder's warrant for a period of twenty-four (24) months to expire February 21, 2019. A total of 800,000 broker warrants were also issued with each broker warrant entitling the finder to purchase a broker unit of the corporation at a price of $0.05 per broker unit for a period of two years from the date of closing of the private placement. Each broker unit comprises one common share and one-half of a broker unit warrant. Each broker unit warrant entitles the finder to purchase one common share at an exercise price of $0.07 per common share for a period of 24 months from the closing date.

On February 6, 2017, the Company announced the closing of the first tranche for gross proceeds of $499,750 by issuing 9,995,000 units.

The private placement and the payment of the finder's fees are subject to receipt of applicable regulatory approvals including acceptance of the TSX Venture Exchange (TSX-V).

In reference to news release of February 6, 2017, two insiders took part in the first tranche of the private placement for an amount of $35,000.

About Everton Resources Inc.

Everton is an exploration company with concessions in the Dominican Republic adjacent to the Pueblo Viejo Mine, owned by the world's two largest gold mining companies, Barrick Gold Corporation (60%) in partnership with Goldcorp Inc. (40%) ("Goldcorp"). Everton also holds an interest in the Opinaca region of James Bay, Quebec where the Company has partnered with Hecla Mining Company which is advancing Everton's interest in the Opinaca B project by funding 100% of all exploration work on one of the largest land packages adjacent to Goldcorp's Eleonore gold deposit. Everton recently announced the acquisition of two properties: the Blue Sky Jackpot lithium property in Ontario and the Detour Lake gold property in Quebec.

For further information on Everton Resources Inc., please visit www.evertonresources.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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