Breakwater files rights prospectus

Toronto-listed Breakwater Resources has filed a prospectus for an offering of rights to buy up to 239.5 million Breakwater shares at 10 cents each.

Each shareholder would receive one right for each share held. Holders of the Series A shares would not be entitled to receive rights unless they convert such shares into common shares. The rights expire on Dec. 19, 1994. Under a facilitating agreement, Dundee Bancorp (TSE) will exercise rights and buy a minimum of 70 million shares, and Canaccord Capital will exercise rights and buy 50 million shares, subject to availability.