Brunswick Exploration Inc. (TSX-V: BRW) (OTCQB: BRWXF) is pleased to announce a non-brokered private placement to raise gross proceeds of up to $5,000,000 from the sale of the following:

• up to 869,565 Common Shares of the Company to be sold to Québec purchasers as “flow-through shares” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec) at a price of $1.15 per Québec FT Share for gross proceeds of up to $1,000,000; and
• up to 3,636,364 Common Shares to be sold to Canadian purchasers as “flow-through shares” within the meaning of the Tax Act at a price of $1.10 per National FT Share for gross proceeds of up to $4,000,000.

Killian Charles, President & CEO of BRW, commented: “Over the previous weeks, we have identified multiple spodumene bearing outcrops at Mirage and our inaugural drilling campaign has barely begun testing the potential of the Project. With initial drill results forthcoming, this financing will enable the Company to continue its aggressive drilling campaign at Mirage into Q1 2024 and beyond. Concurrent to our plans at Mirage, we will also complete follow-up drilling at our latest discovery at the Elrond Project.”

The Company intends to use the proceeds raised from the Offering to accelerate drilling at the Mirage Project and begin testing the recently announced discovery at the Elrond Project. Proceeds from the sale of Offered Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Tax Act, “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act and, for Quebec-eligible proceeds using the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Québec Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the sale of Offered Shares.

The Offering is scheduled to close on or around November 17, 2023 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange

The Offered Shares will be subject to a statutory four month and one day hold period. The Offered Shares have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Brunswick Exploration

Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada.