12:18 PM EST - Everton Resources Inc. : has signed a Letter of Intent with Hays Lake Gold Inc., whereby the company is proposing to buy all of the issued and outstanding shares of HLG, subject to the terms and conditions outlined in the LOI. To date, the LOI has been accepted by shareholders holding more than 90% of the issued and outstanding common shares of HLG. HLG has various options to acquire a consolidated land package located in the Shoal Lake region of north-western Ontario, in the prolific Archean Greenstone Belt. The deal is expected to close by no later than July 31st, 2009. Everton is proposing to acquire all of the 32.43 million HLG shares in exchange for a maximum of 12 million common shares of Everton, based on an exchange ratio of 0.37 of an Everton Share for 1 HLG Share. The 3.91 million share purchase warrants of HLG presently outstanding would be exchanged for share purchase warrants of Everton in accordance with the Exchange Ratio and the exercise price of such warrants shall be adjusted accordingly, the whole in compliance with the policies of the TSX Venture Exchange. Everton Resources Inc.
shares V.EVR are trading up $0.015 at $0.19.
