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Everton Resources Announces Brokered Financing Led by Gravitas Securities Inc. and Molecule Shareholder and Court Approvals of Plan of Arrangement
(via TheNewswire) Ottawa, ON - TheNewswire - 2020-06-09 08:30 ET - News Release - ...
About this update from Evolve Royalties Ltd.
[{"type":"text","content":"Everton Resources Announces Brokered Financing Led by Gravitas Securities Inc. and Molecule Shareholder and Court Approvals of Plan of Arrangement(via TheNewswire)\n \n \nOttawa, ON - TheNewswire - 2020-06-09 08:30 ET - News Release - Everton Resources Inc. (TSXV:EVR) (\"Everton\") is pleased to announce that in connection with the previously announced plan of arrangement (the \"Plan of Arrangement\") between Everton and Molecule Inc. (\"Molecule\") and pursuant to an engagement letter dated June 5, 2020, between Molecule and Gravitas Securities Inc. as lead agent, Molecule proposes to complete a best efforts brokered private placement of up to 2,500 subscription receipts of Molecule (\"Subscription Receipts\"), at a price of $1,000 per Subscription Receipt, for gross proceeds of up to $2.5 million (the \"Offering\").\n\n\n \nThe agents' compensation under the brokered financing includes: (a) a cash fee equal to 8 per cent of the gross proceeds received by Molecule from the sale of Subscription Receipts; and (b) such number of warrants as is equal to 8 per cent of the aggregate principal amount of Subscription Receipts sold under the Offering divided by $0.225 (each, a \"Broker Warrant\"). Each Broker Warrant will entitle the holder thereof to acquire one Unit (as defined below) of the resulting issuer upon the completion of the Plan of Arrangement (the \"Resulting Issuer\") at an exercise price equal to $0.225 for a period of thirty-six (36) months from the occurrence of a liquidity event concurrent with the completion of the Plan of Arrangement (the \"Liquidity Event\").\n\n\n \nThe gross proceeds of the brokered financing less an amount equal to the agents' expenses and 50 per cent of the agents' fee will be delivered to and held by a licensed Canadian trust company or other escrow agent mutually acceptable to Gravitas Securities Inc. and Molecule, in an interest-bearing account, pending the satisfaction of certain escrow release conditions (the \"Escrow Release Conditions\") (including, among other things, the completion of all conditions precedent to the Plan of Arrangement to the satisfaction of the agents) prior to December 31, 2020 (the \"Escrow Release Deadline\").\n\n\n \nThe gross proceeds of the brokered financing (less an amount equal to the agent's expenses and the agent's fee) will be used for general operating ex...