Brett Resources Inc.

Brett Resources Inc.

June 17, 2009 07:53 ET

Brett Resources Inc. Announces $10 Million "Bought Deal" Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Brett Resources Inc. ("Brett" or the "Corporation")(TSX VENTURE:BBR) is pleased to announce that it has entered into an agreement with Dundee Securities Corporation and a syndicate of underwriters, including Cormark Securities Inc. (the "Underwriters"), under which the Underwriters have agreed to purchase on an underwritten basis units (the "Units") of Brett at a price of $0.75 per Unit and flow-through common shares (the "Flow-Through Common Shares") at a price of $0.80 per Flow-Through Common Share, in any combination, for aggregate gross proceeds of $10,000,000. The Units consist of one common share ("Common Share") and one half of one transferable common share purchase warrant of the Corporation ("Warrant") with each whole Warrant exercisable into one Common Share at a price of $1.15 for a period of 24 months following the closing. The expiry date of the Warrants is subject to acceleration in the event that the market price of the common shares is equal to or exceeds $1.70 for 20 consecutive trading days after closing. The Underwriters also have the option to purchase up to an additional $1,500,000 of any combination of Flow-Through Common Shares or Units at the applicable issue price, exercisable at any time up to 24 hours before the closing date. The gross proceeds of the Flow-Through Common Shares shall be used for exploration on the Corporation's Canadian projects and the net proceeds of the Units shall be used for general corporate purposes.

The Units and Flow-Through Common Shares to be sold under this offering will be offered by way of a short form prospectus in the Provinces of British Columbia, Alberta and Ontario and the Units to be sold under this offering will be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

The offering is scheduled to close on July 10, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange, and other applicable securities regulatory authorities.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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