Breakwater completes Nanisivik purchase

Breakwater Resources (BWR-T) has completed the purchase of Nanisivik Mines from Alberta Energy. Nanisivik’s most significant asset is its namesake zinc mine, which produced 108 million lb. in 1995. The mine is perched on the northern coast of Baffin Island in the Northwest Territories. The company also has working capital of $38.6 million.

For Nanisivik Mines, Alberta Energy will receive from Breakwater $30 million, an $8-million, 2-year promissary note, 2.5 million Breakwater shares and warrants to buy 500,000 more shares at a price of $3 per share.