OTTAWA, ONTARIO -- (Marketwired) -- 04/30/13 -- Everton Resources Inc. ("Everton" or the "Company") (TSX VENTURE: EVR)(FRANKFURT: ERV)(OTCQX: EVRRF) is pleased to announce that it has settled the previously announced legal claim (see news release dated November 30, 2012) relating to a transaction in which Everton sold certain mining claims in the Labrador Trough in 2009 and 2010 to Focus Graphite Inc. ("Focus").
Everton also announces that it has entered into an agreement to sell the 3.3 million common shares of Focus that are being released pursuant to the May 2010 escrow agreement entered into among Focus, Everton and certain other persons in connection with the listing of Focus' common shares on the TSX Venture Exchange, to a third party for gross proceeds to Everton of $900,000. Everton completed the first closing of the transaction by selling 900,000 common shares of Focus for gross proceeds of $600,000.
Everton is scheduled to receive the balance of its common shares of Focus on or about May 27, 2013, at which time the second and final closing of the transaction is expected to occur, resulting in gross proceeds to Everton of $300,000.
The Company intends to use the proceeds from the sale of the Focus common shares for working capital and general corporate purposes.
Update on transaction with Brigus Gold Corp.
On October 23, 2012, Everton announced that it had exercised the option to acquire Brigus Gold Corp.'s ("Brigus") remaining interest in the Ampliacion Pueblo Viejo, La Cueva and Ponton concessions located in the Dominican Republic (the "Concessions") by issuing 15,000,000 common shares of the Company to Brigus Gold ULC, a wholly-owned subsidiary of Brigus. The Company also announced its intention to complete the transaction by acquiring all of the issued and outstanding shares of Linear Gold Caribe S.A., a wholly-owned subsidiary of Brigus, and registered holder of the Concessions. As the La Cueva and La Lechoza concessions are presently in the renewal process with mining authorities in the Dominican Republic, the parties are waiting to obtain confirmation that the Concessions have been renewed before proceeding with the closing of the transaction. The parties are confident that the renewal process will be completed shortly and the Company will thereafter issue a news release to announce the closing of the transaction and provide additional details thereon.
Adoption of Advance Notice Provision
The board of directors of Everton has adopted By-Law 2013-1 which includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to (i) a requisition to call a shareholders meeting made pursuant to the provisions of the Business Corporations Act (Quebec) (the "QBCA"), or (ii) a shareholder proposal made pursuant to the provisions of the QBCA (the "Advance Notice Provision").
Among other things, the Advance Notice Provision fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
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