Brunswick Exploration Inc. (TSX-V: BRW) is pleased to announce that it has closed its previously announced non-brokered private placement for aggregate gross proceeds of $5,700,000 consisting of the issuance of 1,519,057 Québec flow-through shares of the Corporation at a price of $1.15 per share and 3,593,714 National flow-through shares of the Corporation at a price of $1.10 per share.
The Corporation expects to use the gross proceeds from the Offering for Phase 2 drilling at the Mirage Project and to drill test advanced targets starting with the Arwen discovery at the Elrond Project in Q1 2024.
In connection to this Offering, the Corporation paid cash finders fees of $260,756 to arm’s length third parties.
The Offering was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. All securities issuable pursuant to the Offering are subject to a statutory 4-month and one day hold period expiring on March 18, 2024 in accordance with applicable securities legislation.
Insiders of the Corporation have participated in the Offering and subscribed to an aggregate of 232,218 flow-through shares. Such participation in the Offering is a “related party transaction” as defined in Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions. The Offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of the securities issued to insiders nor the consideration for such securities by insiders exceed 25% of the Corporation’s market capitalization.
The Corporation is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange under symbol BRW. The Corporation is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium. The Corporation is rapidly advancing the most extensive grassroots lithium project portfolio in North America with holdings in Québec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.
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