Brunswick Exploration Announces Closing of Private Placements for Aggregate Proceeds of $3.34 Million
May 20 2022 - 10:21AM
Brunswick Exploration Inc.
(“
Brunswick” or the
“Corporation”) (
TSX-V: BRW) is
pleased to announce that it has closed its previously announced
non-brokered private placements for aggregate gross proceeds of
$3,342,695, consisting of the issuance of (i) 6,142,401 units of
the Corporation (each, a "
Unit") at a price of
$0.175 per Unit, for gross proceeds of $1,075,170 and (ii)
11,337,625 Canadian flow-through shares of the Corporation (the
“
FT Shares”), at a price of $0.20 per FT Share,
for gross proceeds of $2,267,525 (collectively, the
"
Offerings").
Each Unit consists of one common share of the
Corporation (each, a "Common Share") and one-half
of one common share purchase warrant of the Corporation (each whole
warrant, a "Warrant"). Each Warrant entitles the
holder thereof to acquire one Common Share at a price of $0.23 for
a 24-month period following the closing date of the Offerings.
The net proceeds from the Offerings are expected
to be used by the Corporation for the exploration of the Québec,
New Brunswick and Nova Scotia properties, as well as general
corporate purposes.
In connection to this Offerings, the Corporation
paid cash finders fees of $41,726.
The Insiders’ participation for $105,000 is
exempt from the formal valuation and minority shareholder approval
requirements provided under Regulation 61-101 respecting Protection
of Minority Security Holders in Special Transactions
(“Regulation 61-101”) in accordance with sections
5.5(a) and 5.7(1)(a) of Regulation 61-101. The exemption is based
on the fact that neither the fair market value of the private
placements, nor the consideration paid by such Insiders exceeds 25%
of the market capitalization of Brunswick.
The Offerings were carried out pursuant to
prospectus exemptions of applicable securities laws and are subject
to final acceptance by the TSX Venture Exchange. All securities
issuable pursuant to the Offerings are subject to a statutory
4-month hold period expiring on September 18, 2022 and September
21, 2022 in accordance with applicable securities legislation.
As a result of the Offerings, 148,861,738 common
shares of the Corporation are issued and outstanding.
About Brunswick
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, tin, nickel and copper. The
Corporation is focused on rapidly advancing the most extensive
grassroot lithium exploration claim package in Eastern Canada.
Investor
Relations/information:
Mr. Killian Charles, President Telephone: (514)
861-4441kcharles@brwexplo.ca
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Any information contained herein
that is not based on historical facts may be deemed to constitute
forward looking information within the meaning of Canadian
securities laws. Forward-looking information may be based on
expectations, estimates and projections as at the date of this news
release, and may be identified by the words “may”, “would”,
“could”, “should”, “will”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “expect” or similar expressions.
Forward-looking information may include, but is not limited to: the
intended use of proceeds of the Offerings and the receipt of final
approval from the TSX Venture Exchange. Investors are cautioned
that forward-looking information is not based on historical facts
but instead reflects estimates or projections concerning future
results or events based on the opinions, assumptions and estimates
of management considered reasonable at the date the information is
provided.
Although the Corporation believes that the
expectations reflected in such forward-looking information are
reasonable, such information involves risks and uncertainties, and
undue reliance should not be placed on such information, as unknown
or unpredictable factors could have material adverse effects on
future results, performance, or achievements of the Corporation and
no assurance can be given that such events will occur in the
disclosed time frames or at all. Among the key factors that could
cause actual results to differ materially from those projected in
the forward-looking information include but are not limited to: the
decision by management of the Corporation to utilize the proceeds
of the Offerings in a different manner than described herein; and
changing global financial conditions, especially in light of the
COVID-19 global pandemic; and those risks set out in the
Corporation’s public documents filed on SEDAR at www.sedar.com.The
Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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