AMENDED AND RESTATED UNDERWRITING AGREEMENTUnderwriting Agreement • April 19th, 2007 • Gammon Lake Resources Inc. • Gold and silver ores • Ontario
BMO Nesbitt Burns Inc. ("BMONB"), Scotia Capital Inc., and TD Securities Inc. (collectively the "Underwriters" and individually an "Underwriter") understand that Gammon Lake Resources Inc. ("Gammon" or the "Company") proposes to issue and sell to the Underwriters 10,000,000 common shares (the "Purchased Shares"), and at the election of the Underwriters, up to 1,500,000 additional common shares to cover over-allotments (the common shares in respect of which such option is exercised are called "Over-Allotment Shares"). The Purchased Shares and the Over-Allotment Shares are referred to collectively herein as the "Shares".
