Private Placement Financings with Mineralfields Group Closed
EVERETT RESOURCES LTD.
710 - 890 W. Pender St - Vancouver, BC - V6C 1J9 Tel: 604.669.2151 / Fax: 604.669.2136 Website: www.everettresources.com
EAR-NR-1-11 January 11, 2011 TSX-V: EAR
PRIVATE PLACEMENT FINANCINGS WITH MINERALFIELDS GROUP CLOSED
Vancouver, B.C. - (January 11, 2011 - TSX-V: EAR) Everett Resources Ltd. (“Everett”) is pleased to report that its two non-brokered private placements announced in its news release of December 23, 2010, have closed.
The flow-through private placement of 10,603,334 units of its securities at a price of $0.075 per unit, each unit consisting of one common share in the capital of Everett and one-half of a non-transferable share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share of Everett at a price of $0.125 per share for a period of two years from the date of issue of the units, raised a total of $795,250 in flow-through funds for the Company. MineralFields Group subscribed for 8,000,000 of the units. In conjunction with the flow-through private placement, Everett has paid finders' fees totalling $62,820 in cash and has issued 640,000 agent's options, each agent's option entitling the holder to acquire one additional common share of the Company at a price of $0.125 for two years.
The non-flow-through private placement of 1,950,000 units of Everett's securities at a price of $0.055 per unit, each unit consisting of one common share in the capital of Everett and one-half of a non-transferable share purchase warrant, with each whole warrant entitling the holder to acquire one additional 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, raised a total of $107,250 in general working capital for the Company. MineralFields Group subscribed for 1,000,000 of the units. In conjunction with the non-flow-through private placement, Everett has paid finders' fees totalling $8,580 in cash and has issued 80,000 agent's options, each agent's option entitling the holder to acquire one additional common share of the Company at a price of $0.10 for two years.
The flow-through and non-flow-through units, the agent's options for both financings and any shares underlying the units and the agent's options are subject to a hold period and may not be traded until May 1, 2011.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available Everett Resources Ltd. News Release Page 2
at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
EVERETT RESOURCES LTD.
Per: "Michael Waggett"
Michael Waggett, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.