Breakwater Sells Interest in Coulon JV Property to Virginia
Breakwater Resources Ltd. has entered into an agreement to sell its interest in the Coulon JV Property to Virginia Mines Inc. The Coulon JV Property, which the Company owns 50% of through a joint venture agreement with Virginia, is located in the James Bay region of Quebec.
Virginia will purchase the interest by issuing 1,666,666 common shares of Virginia. Virginia has undertaken to secure, at closing, the simultaneous resale of all of the shares of Virginia issued in respect of the transaction to Breakwater at a price of CA$2.85 per share ($4,750,000) in favour of third-party buyers and in compliance with all applicable securities regulations. The agreement is subject to the receipt of all necessary regulatory approvals.
Breakwater is a mining, exploration and development company which produces and sells zinc, copper, lead and gold concentrates to customers around the world. Once production at Myra Falls temporarily ceases, the Company’s concentrate production will be derived from two mines in Chile and in Honduras. Breakwater’s Langlois mine in the Province of Quebec is on temporary care and maintenance.