Reuters reported that Breakwater Resources will raise CAD 30 million in a bought deal, partly to help restart operations at the Quebec based Langlois mine in east central Canada.

The company will sell about 4.8 million shares at CAD 6.30 each a discount of 9%. The Toronto based miner, which has mines in Chile, Honduras and Canada expects the offer to close by December 30.

Breakwater said that it seeks to reopen the Langlois zinc mine where operations were suspended two years ago in the Q1 of 2012. It set a capital budget of CAD 92.1 million for 2011 of which it plans to spend CAD 32 million on Langlois. It had stalled operations in Langlois due to a decline in commodity prices amidst the economic downturn.

(Sourced from Reuters)