Brett Resources Inc.

Brett Resources Inc.

February 04, 2010 09:43 ET

Brett Resources Inc. Completes $26,092,500 Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) -


Brett Resources Inc. (TSX VENTURE:BBR) (the "Company") is pleased to announce that it has closed its previously announced bought deal equity financing (the "Offering"), for gross proceeds of $26,092,500. A syndicate of underwriters led by Dundee Securities Corporation together with Canaccord Financial Ltd. and Cormark Securities Inc. (collectively, the "Underwriters"), purchased an aggregate of 12,425,000 common shares (the "Shares") at a price of $2.10 per Share. The Underwriters received a 5% cash commission. As previously announced, the Company granted to the Underwriters an over-allotment option to purchase up to an additional 1,863,750 common shares at a price of $2.10 per share to cover over-allotments. The over-allotment option is exercisable by the Underwriters, in whole or in part, until March 8, 2010.

The Company intends to use the net proceeds of the Offering, together with the Company's working capital, primarily for acquisition, exploration and development of its Hammond Reef property at Atikokan, Ontario.

The Shares 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.

About Brett Resources Inc.

Brett Resources Inc. is a Canadian minerals exploration company whose primary mandate is the discovery, acquisition, and development of precious metals systems, with particular expertise in Canada and Latin America. Since 2006 Brett's primary focus has been the 100 percent owned Hammond Reef Gold Deposit in Ontario where a C.I.M. Inferred Resource of 6.70 million ounces of gold, 259.4 million tonnes at a grade of 0.8 grams per tonne utilizing a 0.3 gram per tonne gold cut-off has been outlined. The Company will continue to advance this flagship Project.

Patrick Soares, President & CEO

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed use of proceeds of the Company's offering of common shares. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Actual results could differ materially from those described in this news release as a result of many factors, including, but not limited to the following: the timing, results and success of the Company's exploration and development programs, developments in global resource markets and the timing of regulatory and environmental approvals. The Company cautions that these and similar statements involve risk and uncertainties and are qualified by important factors, including competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, which could cause actual results to differ materially from those in the forward looking statement. Forward–looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

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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