17:16:39 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Brunswick Exploration Inc
Symbol BRW
Shares Issued 173,346,071
Close 2023-03-09 C$ 0.92
Market Cap C$ 159,478,385
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Brunswick Exploration closes $7.5M private placement

2023-03-09 13:47 ET - News Release

Mr. Killian Charles reports

BRUNSWICK EXPLORATION ANNOUNCES CLOSING OF C$7.5 MILLION BOUGHT DEAL PRIVATE PLACEMENT

Brunswick Exploration Inc. has closed its previously announced bought deal private placement for gross proceeds of $7,500,000.50, which includes the full exercise of the overallotment option of $1.5-million. Due to significant demand, the offering was upsized from its original gross proceeds of $5-million to $6-million. The offering was conducted through a syndicate of underwriters that included Red Cloud Securities Inc., as lead underwriter and sole bookrunner, and Canaccord Genuity Corp.

Under the offering, the company sold 8,823,530 units of the company at a price of 85 cents per unit. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of $1.25 at any time on or before March 9, 2026.

The company intends to use the net proceeds raised from the offering for exploration of the company's projects in Quebec, Ontario, Saskatchewan and Manitoba and for general working capital and corporate purposes.

Under the offering, 5,882,353 units were sold to purchasers pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106, Prospectus Exemptions (in Quebec, Regulation 45-106 respecting prospectus exemptions). The common shares and warrants underlying the LIFE units are freely tradable and are not subject to a hold period pursuant to applicable Canadian securities laws.

The remaining 2,941,177 units sold under the offering were offered by way of the accredited investor and minimum amount investment exemptions under NI 45-106 in the provinces of Canada as well as to purchasers in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. The common shares and warrants underlying non-LIFE units are subject to a restricted period in Canada ending on July 10, 2023.

In consideration of their services in connection with the offering, the underwriters received cash commissions in an aggregate amount equal to 6 per cent of the gross proceeds raised under the offering and 264,705 non-transferable broker warrants. Each broker warrant shall entitle the holder to purchase one common share at a price of 85 cents at any time on or before March 9, 2026.

Brunswick Exploration expects to close its concurrent $2-million non-brokered private placement on or around March 24, 2023. Closing of the non-brokered offering is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange. Total gross proceeds from the offerings are expected to be $9,500,000.50.

About Brunswick Exploration Inc.

The company is a Montreal-based mineral exploration venture listed on the TSX-V under the symbol BRW. The company is focused on grassroots exploration for metals necessary to decarbonization and energy transition, with a particular focus on lithium. The company is rapidly advancing the most extensive grassroots lithium project portfolio in North America, with holdings in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.

We seek Safe Harbor.

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