Brunswick Exploration Announces Closing of Final Tranche of Non-Brokered Private Placement for Total Proceeds of $2.08M
March 31 2023 - 5:14PM
Brunswick Exploration Inc.
(“
Brunswick” or the
“
Corporation”) (
TSX-V: BRW) is
pleased to announce that it has closed a second and final tranche
of its non-brokered private placement, previously announced on
February 13, 2023, for additional gross proceeds of $587,500.45
consisting of the issuance of 691,177 units of the Corporation
(each, a “
Unit”) at a price of $0.85 per Unit
(the “
Offering”). In the aggregate, 2,448,472
Units were issued under the non-brokered private placement, for
aggregate gross proceeds of $2,081,201.20.
Killian Charles, President & CEO commented:
“Brunswick Exploration now has in excess of $16M available to
continue its growth strategy and launch one of the largest lithium
grassroot exploration program in the world. With ongoing drilling
at Anatacau West and forthcoming drill campaigns at the Hearst
project in Ontario and the Hanson Lake project in Saskatchewan,
2023 promises to be an exciting year for the Corporation.”
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 $1.25 for
a 36-month period following the closing date of the Offering.
The Corporation expects to use the net proceeds
from the Offering for exploration of the Corporation’s projects in
Québec, Ontario, Saskatchewan and Manitoba as well as for general
working capital and corporate purposes.
In connection to this Offering, the Corporation
paid cash finders fees of $5,100 to an arm’s length third
party.
The Offering was carried out pursuant to
prospectus exemptions of applicable securities laws and is subject
to final acceptance by the TSX Venture Exchange. All securities
issuable pursuant to the Offering are subject to a statutory
4-month and one day hold period expiring on August 1, 2023 in
accordance with applicable securities legislation.
Agreement with Red Cloud Financial
Services Inc.
In accordance with the terms of an advisory
services agreement (the “Agreement”) entered into
between the Corporation and Red Cloud Financial Services Inc.
(“Red Cloud”) effective as of March 31, 2023, Red
Cloud will provide the following services to the Corporation for an
initial term of 12 months (the “Initial Term”):
advising on methods to reach out to potential retail investors and
their advisors; reviewing, advising and supporting the management
of media; and assisting and advising in the creation of content,
including access to Red Cloud’s exclusive Red Cloud TV platform and
distribution (the “Services”). Red Cloud is an
arm’s length third party to the Corporation. It owns Common Shares
representing less than 0.01% of the number of issued and
outstanding Common Shares.
In consideration for the Services to be provided
by Red Cloud during the Initial Term, an upfront fee of $120,000 is
payable to Red Cloud in cash. Following the Initial Term and until
the Agreement is terminated, Red Cloud will be paid a fee of
$10,000 in cash at the end of each month in consideration for the
Services provided during such month.
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. The Corporation is rapidly advancing
the most extensive grassroots lithium project portfolio in North
America with holdings in Québec, Ontario, Saskatchewan, Manitoba
and Atlantic Canada.
Investor
Relations/information:
Mr. Killian Charles, President and CEO
info@BRWexplo.com (514) 940-0670
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 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 Offering, the
receipt of final approval from the TSX Venture Exchange, the
services to be provided by Red Cloud under the Agreement and the
duration of such Agreement. 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 Offering 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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