Brunswick Resources and Explor Resources Amend Letter of Intent for the Acquisition of Chester Copper Property
June 20 2014 - 4:30PM
Marketwired
Brunswick Resources and Explor Resources Amend Letter of Intent for
the Acquisition of Chester Copper Property
ROUYN-NORANDA, CANADA--(Marketwired - Jun 20, 2014) - Brunswick
Resources Inc. (the "Corporation" or "Brunswick") (TSX-VENTURE:BRU)
announce that the letter of intent (the "Letter") relating to the
option granted to Brunswick to acquire from Explor Resources Inc.
("Explor") the Chester copper property (the "Property") has been
amended. The general term of the Letter were previously announced
by press releases dated April 17 and April 22, 2014.
The Letter sets out the general terms pursuant to which it was
proposed that Brunswick acquires the right to earn 100% interest
from Explor in the Property. The terms of the Letter were modified
to adjust the purchase price to the current markets conditions. The
Property is located in the Northumberland County, 70 km southwest
of Bathurst, New Brunswick and 50 km west-northwest of Miramichi,
New Brunswick, within the Bathurst Mining Camp. This area has an
extensive history in base metal production from VMS deposits.
The Option to earn a
100% interest in the Property
Explor shall grant to Brunswick the sole and exclusive right and
option, over a three-year period, to acquire the Property for the
following considerations: i) payment to Explor of an aggregate of
$40,000, of which $10,000 at closing of the transaction; ii)
issuance of a total of 5,000,000 common shares of Brunswick, of
which 1,000,000 at closing of the transaction; iii) Brunswick shall
assume the remaining financial obligation of $100,000 to previous
owners; and iv) Brunswick shall complete a work program of
$500,000, with a minimum of $100,000 during the first year of the
option agreement. Upon the completion of these conditions over a
period of three years, Brunswick will have acquired a 100% interest
in the Property. There are remaining NSR royalties in favor of
previous owners on the Property.
It should be noted that this is a Non-Arm's Length Transaction
as Christian Dupont is the president and CEO and Rodrigue Tremblay
is the CFO of both Explor and Brunswick and Mario Colontonio and
Geoffrey Carter are both directors of Explor and Brunswick. Closing
of the transactions contemplated in the Letter is subject to the
final approval of the TSX Venture and to the approval of the
disinterested shareholders of Brunswick and Explor. The annual and
special meeting of shareholders of Brunswick shall be held on
August 12, 2014 and Explor's annual and special meeting of
shareholders will be convened to be held sometimes at beginning of
this fall.
Brunswick Resources Inc. is a publicly listed company trading on
the TSX Venture (BRU).
This press release was prepared by Brunswick Resources Inc.
Neither the TSX Venture Exchange Inc nor its Regulation Services
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
About Brunswick Resources Inc.
Brunswick has as its flagship property the Abitibi Gold Property
located in Munro Township in the famous Timmins mining camp. There
are many surface gold showings that require investigation by ground
geophysical surveys and followed up by a diamond drilling program.
A recent airborne survey has successfully outlined many EM and
magnetic structural features. A geophysical feature similar to the
Croesus mine has been identified. The Abitibi Gold Property
consists of 112 claims located approximately 86 kilometres east
northeast of the city of Timmins in the Larder Lake Mining
Division, Ontario.
This document may contain forward-looking statements
relating to Brunswick's operations or to the environment in which
it operates. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict and may be beyond Brunswick's control. A number of
important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements,
including those set forth in other public filling. In addition,
such statements relate to the date on which they are made.
Consequently, undue reliance should not placed on such
forward-looking statements. Brunswick disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
Christian Dupont, President and CEOPhone: (888) 764-5195 or
(819) 797-0596(819) 797-6050Email : brunswick@tlb.sympatico.caWeb
site: www.brunswickresources.com
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