By Sheri Kasprzak
New York, April 13 - Everton Resources Inc. said it has completed a C$1.5 million private placement of units.
The company sold 3 million units of one share and one warrant to perennial gold investor Robert McEwen.
The warrants are exercisable at C$0.70 each for 18 months.
The expiry of the warrants will be accelerated to 30 days if the weighted average price of the company's stock exceeds C$1.20 for more than 20 consecutive trading days.
Proceeds will be used for exploration on the company's programs in Quebec and the Dominican Republic.
McEwen now holds 14.2% of Everton's stock, nearly doubling his holdings in the company.
Everton, based in Montreal, is a gold and base metals exploration company.
| Issuer: | Everton Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.5 million
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| Units: | 3 million
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| Price: | C$0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.70
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| Investor: | Robert McEwen
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| Settlement date: | April 13
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| Stock symbol: | TSX Venture: EVR
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| Stock price: | C$0.78 at close April 12
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