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Brett Closes $3.0 Million Non-Brokered
Private Placement
News Release 08-15
Brett Resources Inc. (TSX Venture Exchange - BBR) announces it has closed the non-brokered portion of the private placement financing announced on June 3, 2008. The Company has placed 1,514,500 units (the "Units") and 1,816,917 flow-through common shares (the "Flow-Through Common Shares") at a price of $0.80 per Unit and $0.95 per Flow-Through Common Share for gross proceeds of $2,937,671 (the "Offering"). Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each full warrant will be exercisable into one common share of the Company at an exercise price of $1.10 for a period of 18 months from the closing date.
As consideration, Brett has agreed to pay a finders fee of 7.0% to accredited agents on that portion of the funds raised by third parties. A total of $125,861.05 was paid in finder's fees. The shares issued under this financing are subject to regulatory approval and will be subject to a hold period of four months plus one day from the date of approval of the offering.
On June 24, 2008, Brett announced that it closed a brokered private placement of $6.75 million placed by its agent Canaccord Capital Corporation.
The Company intends to use the net proceeds for exploration of its mineral properties. Expenditures from the Flow-Through Common Shares will constitute Canadian exploration expenses (as defined in the Income Tax Act) and renounced for the 2008 taxation year.
About Brett Resources
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. Opportunities in the acquisition of tin and tungsten resources in North America and gold in Ontario have provided diversification to its asset portfolio.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BRETT RESOURCES INC.
"Patrick Soares"
Patrick Soares, President & CEO
Cautionary Statements on Forward-Looking Information.
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Patrick Soares, President or Tony Perri, Manager, Investor Relations
Brett Resources Inc.
Suite 611 - 675 West Hastings Street
Vancouver, BC V6B 1N2
Tel: (604) 488-0008 Fax: (604) 669-2543
tperri@brettresources.com
www.brettresources.com
You can also view this News Release on our website at:
http://www.brettresources.com/s/NewsReleases.asp?ReportID=309641 |