Breakwater Resources Ltd.

Breakwater Resources Ltd.

December 31, 2007 15:41 ET

Breakwater Resources Ltd. Raises $12 Million for Exploration

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2007) - Breakwater Resources Ltd. (TSX:BWR) is pleased to announce that it has raised $12.0 million by issuing 6,122,449 flow-through common shares at a purchase price of $1.96 per common share. The shares were issued by way of a private placement to a wholly-owned subsidiary of Dundee Corporation and have a four month hold period. Dundee Corporation currently holds approximately 24% of the issued and outstanding shares of Breakwater.

The proceeds of the flow-through financing will be used for an exploration program in Quebec in 2008 which Breakwater has budgeted in excess of $13 million. Additional exploration expenditures may be incurred in Quebec depending on exploration success.

Contact Information

  • Breakwater Resources Ltd.
    Ann Wilkinson
    Vice President, Investor Relations
    (416) 363-4798 Ext. 277