A change of guard at Breakwater Resources (TSE) suggests the company could eventually fall under the control of Corona Corp. (TSE). Ned Goodman, the chairman of Corona, was recently appointed to Breakwater’s board along with Canarim Investment Corp.’s Peter Brown who is a Corona board member and the new chairman of Breakwater.
Bruce McDonald, who became a director earlier this year when his Noramco Mining was taken over by Breakwater, has resigned and so has Robert Hunter (formerly chairman) whose time is being taken up with a number of Vancouver- based public companies.
Several months ago Corona’s declared position in Breakwater was 12.9% and it can increase or decrease that position as it sees fit, says Breakwater President Brian Pewsey. “It’s a welcome addition and I’m delighted to see that somebody recognizes Breakwater to be the investment opportunity it is,” he adds.
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