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Gold/Mining/Energy : Breakwater Resources (T.BWR)

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To: Wayne Finucan who wrote (617)	4/28/1999 7:37:00 PM
From: Stephen O	Read Replies (1) of 962

April 28, 1999...BREAKWATER RESOURCES LTD. Closed today @ $1.85 (TSE - BWR) today announces that it has entered into an underwriting agreement with First Marathon Securities Limited for the issuance of 10,909,091 common shares, at a price of $1.65 per common share for total gross proceeds of approximately $18 million. The issue is being underwritten on a "bought deal" basis by a syndicate of underwriters led by First Marathon Securities Limited, on their own behalf (the "Underwriter(s)"). The Underwriters have the option, at any time up to the Closing Date, to purchase an additional 1,212,121 Common Shares at $1.65 for additional proceeds of approximately $2 million. The issue is being made by way of a short-form prospectus to be filed in all provinces of Canada and is expected to close on or about May 20, 1999. The issue is subject to regulatory approval. The Company intends to use the net proceeds of this offering for working capital purposes. For further information please contact: Gordon F. Bub Chairman and Chief Executive Officer (416) 363-4798 Ext. 264 Rene R. Galipeau Senior Vice President and Chief Financial Officer (416) 363-4798 Ext. 260

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