Business & Finance
Fri, June 11, 2010Thu, June 10, 2010Wed, June 9, 2010Tue, June 8, 2010Mon, June 7, 2010Sun, June 6, 2010Sat, June 5, 2010Fri, June 4, 2010Thu, June 3, 2010Breakwater Resources Ltd. Receives Shareholder Approval to Consolidate Shares Ten Old for One New
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Published in Business and Finance on Tuesday, June 8th 2010 at 9:00 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
TORONTO, ONTARIO--(Marketwire - June 8, 2010) - Breakwater Resources Ltd. (TSX:BWR)(TSX:BWR.WT.A) has received the approval of shareholders, at the Annual and Special Meeting of the Company held June 8, 2010, to consolidate the issued and outstanding common shares of Breakwater (each, a "Common Share") on the basis of one post-consolidation Common Share for every 10 pre-consolidation Common Shares issued and outstanding (the "Share Consolidation").
Once complete, the approximately 703.6 million Common Shares of the Company currently outstanding will be reduced to approximately 70.4 million Common Shares. No fractional Common Shares will be issued as a result of the Share Consolidation. If the Share Consolidation results in a shareholder holding a fractional interest of less than a whole Common Share, such fractional interest will be paid in cash in an amount equal to the number of Common Shares held by such holder multiplied by the weighted average price at which the Common Shares have traded on the TSX during the 20 consecutive trading days immediately prior to the date of the Meeting. The exercise price and the number of Common Shares issuable under any outstanding convertible securities of the Company, including outstanding incentive stock options and Common Share purchase warrants, will be proportionately adjusted once the transaction is complete.
The Company's Common Shares will continue to be traded on the TSX under the symbol "BWR" on a post-consolidation basis, under a new CUSIP number 106902703. Further, the Company's warrants will continue to be traded on the TSX under the symbol BWR.WT.A on a post-consolidation basis. The consolidation of the Company's shares remains subject to all necessary regulatory approvals, including that of the TMX.
Breakwater is a mining, exploration and development company which produces and sells zinc, copper, lead and gold concentrates to customers around the world. The Company's concentrate production is derived from three mines in Chile, Honduras and Canada. Breakwater's Langlois mine in Québec, Canada is currently on temporary care and maintenance.