Brett Resources Inc.

Brett Resources Inc.

July 10, 2009 09:30 ET

Brett Resources Inc. Completes $14,030,000 Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2009) -


Brett Resources Inc. (TSX VENTURE:BBR) is pleased to announce that it has closed its previously announced bought deal equity financing (the "Offering"), for gross proceeds of $14,030,000. A syndicate of underwriters led by Dundee Securities Corporation together with Cormark Securities Inc. (collectively, the "Underwriters"), purchased an aggregate of 9,636,000 units (the "Units") at a price of $0.75 per Unit and 8,503,750 flow-through common shares (the "Flow-Through Shares") at a price of $0.80 per share. Of the 9,636,000 Units, 2,440,000 Units were issued upon the exercise of the Underwriters' over-allotment option in full on closing of the Offering.

Each Unit consists of one common share (a "Common Share") and one-half of one transferable common share purchase warrant (a "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 of the Offering (the "Closing"). The expiry date of the Warrants is subject to acceleration in the event that the closing market price of the Common Shares is equal to or exceeds $1.70 for 20 consecutive trading days.

The gross proceeds from the sale of the Flow-Through Shares, being, $6,803,000, shall be used for exploration on the Company's Canadian projects and the net proceeds of the Units shall be used for general corporate purposes.

The Underwriters received a 6% cash commission and common share purchase warrants entitling them to acquire, in the aggregate, that number of common shares that is equal to 6% of the Units and Flow-Through Shares. The Underwriters' warrants have an exercise price of $0.80 per share and will expire 24 months following the Closing.

The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold in the United States, or to or for the account of U.S. persons, absent registration or an applicable exemption from the registration requirements. This news release is not an offer to sell any securities in the United States.

Patrick Soares, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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