Wednesday November 18, 2:31 pm Eastern Time
Breakwater announcement/issuer bid
(Full text of press release from ISDN Wire Service)
BREAKWATER RESOURCES LTD. ANNOUNCES ITS FILING AND ACCEPTANCE OF A NORMAL COURSE ISSUER BID WITH THE TORONTO STOCK EXCHANGE
TORONTO, ONTARIO, Nov 18 - BREAKWATER RESOURCES LTD. (TSE-BWR) is pleased to announce that it has filed with the Toronto Stock Exchange, and the Exchange has accepted, a notice of intention to make a Normal Course Issuer Bid for its common shares. Breakwater Resources Ltd. will be entitled to purchase for cancellation up to 4,323,199 common shares of Breakwater, representing 10% of the public float (within the meaning of the Policy Statement on Normal Course Issuer Bids of The Toronto Stock Exchange) of the 69,144,199 Common Shares currently outstanding, during the one year period commencing November 23, 1998 and terminating on the earlier of the date upon which the maximum number of shares are purchased and November 22, 1999. During the twelve preceding months Breakwater purchased and cancelled 2,262,200 common shares at an average cost per share of $2.47 net of commission. The common shares will be purchased on the open market from time to time through the facilities of the Toronto Stock Exchange. Purchase and payment will be made in accordance with the by-laws and rules of the Toronto Stock Exchange. The price paid for any common shares will be the market price of the common shares at the time of acquisition. In the opinion of Breakwater's Board of Directors, the common shares are a worthwhile investment and purchases would be advantageous to shareholders of Breakwater retaining their shares. For further information please contact: Rene R. Galipeau Senior Vice President, Finance and Marketing and Chief Financial Officer (416) 363-4798 Ext. 260 Ann Wilkinson Corporate Secretary and Investor Relations Officer (416) 363-4798 Ext. 277 |
