Brunswick Exploration Inc. (TSX-V: BRW) (OTCQB: BRWXF) (FRANKFURT:1XQ) is pleased to announce the closing of its previously announced non-brokered private placement which was upsized with aggregate gross proceeds of $4,809,370.20 from the sale of the following:

• 11,755,382 Common Shares of the Corporation 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 $0.23 per Québec FT Share for gross proceeds of $2,703,737.86;
• 4,837,242 Common Shares sold to Canadian purchasers as “flow-through shares” within the meaning of the Tax Act at a price of $0.215 per National FT Share for gross proceeds of $1,040,007.03; and
• 3,437,501 Common Shares sold to Canadian purchasers as “Charity flow-through shares” at a price of $0.31 per Charity FT Share for gross proceeds of $1,065,625.31.

Mr. Killian Charles, President and CEO, commented: “I’m pleased to see such strong support from existing shareholders and board members in this financing. With this fresh injection of capital, BRW will continue to advance its Mirage Project alongside the rest of its Quebec portfolio in a financially sustainable fashion. Looking to 2025, we will announce final results from our Q3 2024 drill campaign at Mirage alongside metallurgical results. This will then lead to a new winter drill campaign at Mirage; more details on this campaign will be shared in January.”

In connection with the Offering, the Corporation paid finder’s fees to arm’s length third parties in an amount of $170,872.79.

Insiders of the Corporation participated in the Offering and were issued an aggregate of 2,887,501 Common 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 Offering remains subject to the final approval of the TSX Venture Exchange.

The Offered Shares are 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 Corporation is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The Corporation is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and in Greenland.