Underwriters' Notice of Exercise of Over-Allotment Option in Connection With $40 Million Bought Deal
TORONTO, ONTARIO--(Marketwire - Dec. 21, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Breakwater Resources Ltd. (TSX:BWR)(TSX:BWR.WT.A) announces that it has received notice from Dundee Securities Corporation and GMP Securities L.P., as co-lead underwriters, on behalf of the underwriters including Canaccord Genuity Corp., Credit Suisse Securities (Canada), Inc., TD Securities Inc., Cormark Securities Inc. and Octagon Capital Corporation (collectively, the "Underwriters"), of the exercise in full of the over-allotment option (the "Over-Allotment Option"), granted to the Underwriters by the Company in connection with the previously announced bought deal offering of $40 million.
Pursuant to the Over-Allotment Option, the Company will sell an additional 650,000 Common Shares at an issue price of $6.30 per Common Share for additional gross proceeds to the Company of $4,095,000. It is anticipated that the closing of the Over-Allotment Option will occur concurrently with the closing of the $40 million bought deal offering on or about December 30, 2010.
Further details of the offering, including the anticipated use of proceeds, are set out in the prospectus of the Company dated December 20, 2010 available on SEDAR at