CORRECTION: Brunswick Announces Shares for Debt Settlements
March 02 2018 - 4:15PM
Brunswick Resources Inc. (the “Corporation” or
“Brunswick”) (TSX-V:BRU) announces that there was a
mistake in the amount regarding the debt to Explor Resources in the
previous press release dated February 12, 2018 announcing debt
settlements. On February 8, 2018, Brunswick entered into six debt
settlement agreements (the “Settlement Agreements”) with six
creditors of the Corporation whereby Brunswick would issue an
aggregate number of 5,495,732 common shares at a deemed price of
$0.05 per common share, for a total amount of $274,786.59.
The following related parties have signed a
Settlement Agreement with the Corporation:
- a private company controlled by Christian Dupont, the President
and a director of the Corporation, for an amount of $56,283.19,
representing 1,125,664 common shares; after this debt settlements,
Christian Dupont will hold directly and indirectly 9.0% of the
Corporation’s outstanding common shares;
- Rodrigue Tremblay, director and officer of the Corporation for
an amount of $18,202.08, representing 364,042 common shares; after
this debt settlements, Rodrigue Tremblay will hold directly and
indirectly 11.2% of the Corporation’s outstanding common shares;
and
- Explor Resources Inc., a public exploration company with the
same President, Chief Financial Officer and some of the same
directors as the Corporation for an amount of $144,307.07,
representing 2,886,141 common shares. After the debt settlements,
Explor Resources Inc. will become an insider of the Corporation,
holding 16.6% of its outstanding common shares.
The issuance of securities to related parties in
debt settlements constitutes a “related party transaction” within
the meaning of Multilateral Instrument 61-101 respecting protection
of minority security holders in special transactions (“MI
“61-101”), which is incorporated into TSX Venture Exchange
Policy 5.9. In its consideration and approval of the debt
settlements, the board of directors of the Corporation has
determined that such debt settlements to the related parties is
exempt from the formal valuation and minority approval requirements
of MI 61-101 on the main basis that the fair market value of the
debt settlements to the related parties does not exceed 25% of the
market capitalization of Brunswick, in accordance with sections 5.5
and 5.7 of MI 61-101.
The closing of the Settlement Agreements is
subject to the approval of the TSX Venture Exchange and the common
shares that will be issued upon the closing of these debt
settlements will be subject to a hold period of four months and one
day.
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 Resources Inc. is a mining exploration
company which main asset is located in the Jamesie Region of
Northwestern Quebec, in the Chibaugamau mining camp.
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.
For further information, contact:
Christian Dupont, President and CEOPhone: (819) 797-4630Fax:
(819) 797-1870Web site: www.brunswickresources.comEmail:
brunswickresources@gmail.com
Brunswick Resources (TSXV:BRU)
Historical Stock Chart
From Jul 2024 to Aug 2024
Brunswick Resources (TSXV:BRU)
Historical Stock Chart
From Aug 2023 to Aug 2024