VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2016) -
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
EVEREST VENTURES INC. (TSX VENTURE:EET) (the "Company") today announces that, further to its News Release of March 14, 2016, it has completed its private placement financing (the "Financing") pursuant to which it issued 22,000,000 units (each, a "Unit") at a price of $0.07 per Unit for gross proceeds of $1,540,000.Each Unit consists of one common share (each, a "Share") and one share purchase warrant (each, a "Warrant").Each Warrant is exercisable into one additional Share at a price of $0.09 per Share for a period of five years from the date of issuance.The securities issued in the Financing are subject to a restricted period which expires on October 9, 2016.Proceeds from the Financing are intended to be used for working capital purposes.
Halio Capital Inc. ("Halio") acquired 20,000,000 Units in connection with the Financing, resulting in a change of control of the Company which was approved by the shareholders of the Company at its annual general and special meeting held on April 29, 2016. Halio holds 83.5% of the Shares on an undiluted basis, based upon 23,949,992 Shares issued and outstanding following completion of the Financing.
ON BEHALF OF THE BOARD OF DIRECTORS OF EVEREST VENTURES INC.
Per: Miodrag L. Andric, MA, Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Everest Ventures Inc.