VANCOUVER, British Columbia, Dec. 15, 2017 (GLOBE NEWSWIRE) — Evermount Ventures Inc. (NEX:ETV) (the “Company”) – Further to the Company’s news release dated October 24, 2017, the Company is pleased to announce that it has closed its non-brokered private placement financing of 3,500,000 common shares of the Company (each, a “Share”), at $0.10 per Share for proceeds of $350,000 (the “Private Placement”). All of the Shares issued pursuant to the Private Placement are subject to a restricted period of four months and one day from the date of closing.
Immediately following the closing of the Private Placement, Mr. Zhigang Wang and Ms. Jin Kuang resigned as directors of the Company. However, Ms. Jin Kuang will continue to serve as the Chief Financial Officer of the Company. Replacing Mr. Zhigang Wang and Ms. Jin Kuang as directors are Mr. Wen Hong Jin and Mr. Gong (Michael) Chen. Both Mr. Jin and Mr. Chen have extensive experiences in the Canadian public market and served as directors and officers of a number of TSX-V listed issuers before.
Both Mr. Jin and Mr. Chen subscribed in the Private Placement and each of them may be considered a related party of the Company as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on the exemption available under Section 5.5 (b) of MI 61-101 from the requirement of having a formal valuation as the Shares are not listed on the Toronto Stock Exchange and other exchanges enumerated therein. The Company also relied on the exemption available under Section 5.7(1)(b) from the requirement of minority approval because the Private Placement is a distribution of securities for cash for not more than $2,500,000 and the Shares are not listed on the Toronto Stock Exchange and other exchanges enumerated therein
The Company intends to use the proceeds from the sale of the Shares for its working capital purposes.
ON BEHALF OF THE BOARD
EVERMOUNT VENTURES INC.
/s/ “Jin Kuang”
Jin Kuang
Chief Financial Officer
For further information contact:
Jin Kuang
Chief Financial Officer
604-339-7688
Neither 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.