Under the agreement, Everton will complete a minimum C$5m financing, pay Brigus C$1m cash and issue Brigus 15 million Everton shares.
Brigus will also receive a sliding net smelter return royalty on the concessions equal to 2% based on the current price of gold.
In addition, Everton is required to incur a minimum C$5m work commitment on the concessions over the next two years.
Upon completion of a 43-101 compliant measured and indicated resource on the concessions of a minimum one million ounces of gold equivalent (at an average grade of 2.5g/t or higher for APV and 1.5g/t or higher for Ponton and La Cueva), Everton will pay Brigus an additional C$5m or five million common shares, whichever has the greater value.
The closing of the transaction is subject to Everton completing its planned financing.
