Vancouver, Canada, October 06, 2011 --(PR.com
)-- Everett Resources Ltd. (“Everett”) is pleased to announce that it has closed a non-brokered private placement (the "Offering") by issuing 6,345,453 units ("Units") at a price of $0.055 per Unit for gross proceeds of $349,000.00.
Each Unit consists of one common share ("Common Share") in the capital of Everett issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one non-flow-through share purchase warrant ("Warrant") of the Corporation. Each whole warrant entitles the holder to acquire one additional non-flow through common share of Everett at a price of $0.10 per share for a period of two years from the date of issue of the units.
In conjunction with the flow-through private placement, Everett has paid finders' fees totalling $20,940.00 in cash and has issued 507,636 agent's options, each agent's option entitling the holder to acquire one unit of the Company on the same terms as the Units.
The securities issued pursuant to the Offering will be subject to a four month hold period from the date of closing of the Offering.
The proceeds of the offering will be used for exploration on the Menarik Property in northwestern Quebec.
The private placement is subject to acceptance for filing by the TSX Venture Exchange.
About Everett Resources Ltd.
Everett is a junior resource mineral exploration company with an interest in the Menarik Property located in Quebec, Canada. To find out more about Everett Resources Ltd., visit Everett's website at www.everettresources.com.
The Menarik Property, Quebec
As set out in the joint news release issued by Everett and Pro-Or Inc. ("Pro-Or") on September 23, 2010, the Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property. Based on a compilation report by consultant geologist, Yvan Bussieres, five different types of mineralization have been identified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitites formations, massive sulphides and nickel-copper concentrations in altered zones. A 43-101 compliant estimate of chromite resources made for Pro-Or in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. Gold showings and mineralized felsic volcanics were found on the edges. The chromitite formations are similar to those of the UG2 horizon in the Bushveld complex of South Africa, the gold bearing mineralization associated with ultramafic intrusions are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.
A panoramic view of the Menarik polymetallic property, which outlines the main areas of mineralization as well as additional defined areas of mineralization, can be seen on the Everett Website at the following link: http://bit.ly/MenarikMap
Please go to http://bit.ly/VtemMay2011 to view the Menarik VTEM map and http://bit.ly/EARPhotos to view a photo gallery of the Menarik property.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Everett Resources Ltd.
Per: "Michael Waggett"
Michael Waggett, President
Forward Looking Statements
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through www.everettresources.com or the Company's page on SEDAR at www.sedar.com.