Business
Everton completes acquisition of the Ampliación Pueblo Viejo II, La Cueva and Ponton Concessions in the Dominican Republic
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTIO...
About this update from Evolve Royalties Ltd.
[{"type":"text","content":"\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR\n DISSEMINATION IN THE UNITED STATES./\n\n\nHALIFAX, Nov. 21, 2013 /CNW/ - Everton Resources Inc. (\"Everton\" or the \"Corporation\") (TSX-V: EVR) (Frankfurt: ERV) (OTCQX: EVRRF) and Brigus Gold Corp. (\"Brigus\") (NYSE MKT: BRD) (TSX: BRD) are pleased to announce that they have\n completed the previously announced transaction whereby Everton has\n acquired Brigus remaining interest in the Ampliación Pueblo Viejo II\n (\"APV\"), La Cueva and Ponton concessions located in the Dominican\n Republic (the \"Concessions\"). In connection therewith, Everton acquired all of the issued and\n outstanding common shares of Linear Gold Caribe, S.A. (\"Linear Gold\"), a wholly-owned subsidiary of Brigus and registered titleholder of\n the Concessions.\n\n\nPursuant to the share purchase agreement (the \"Agreement\") entered into by the parties, Everton has acquired shares of Linear\n Gold (the \"Acquisition\") for a total consideration of $175,000 in cash and 6,000,000 in common\n shares of Everton. In accordance with applicable laws of the Dominican\n Republic, Everton is also required to make a tax withholding payment on\n the Purchase Price. In connection with the Acquisition, Brigus has also\n been granted a sliding-scale net smelter returns royalty on the\n Concessions equal to 1.0% when the price of gold is less than US$1,000\n per ounce, 1.5% when the price of gold is between US$1,000 and US$1,400\n per ounce, and 2% when the price of gold is above US$1,400 per ounce.\n\n\nEverton has also issued Brigus a promissory note for an amount equal to\n the greater of CAD$5 million or the value of 5,000,000 common shares of\n Everton. The promissory note will be payable in cash or in common\n shares, or a combination of both as mutually agreed to by the parties,\n upon the completion of either (i) a National Instrument 43-101\n compliant measured and indicated resource estimate on the Concessions\n of a minimum one million ounces of gold equivalent (\"AuEq\") (at an\n average grade of 2.5 g/t AuEq or higher for APV and 1.5 g/t AuEq or\n higher for Ponton and La Cueva) or (ii) the sum of actual gold\n production from the Concessions plus a National Instrument 43-101\n compliant measured and indicated res...