Mr. Killian Charles reports

BRUNSWICK EXPLORATION ANNOUNCES CLOSING OF FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR TOTAL PROCEEDS OF $2.08M

Brunswick Exploration Inc. has closed a second and final tranche of its non-brokered private placement, previously announced on Feb. 13, 2023, for additional gross proceeds of $587,500.45 consisting of the issuance of 691,177 units of the corporation at a price of 85 cents per unit. 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 and chief executive officer, commented: "Brunswick Exploration now has in excess of $16-million available to continue its growth strategy and launch one of the largest lithium grassroots 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 and one-half of one common share purchase warrant of the corporation. 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 Quebec, 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 four-month-and-one-day hold period expiring on Aug. 1, 2023, in accordance with applicable securities legislation.

Agreement with Red Cloud Financial Services Inc.

In accordance with the terms of an advisory service agreement entered into between the corporation and 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: advising on methods to reach out to potential retail investors and their advisers; 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. Red Cloud is an arm's-length third party to the corporation. It owns common shares representing less than 0.01 per cent 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 Exploration Inc.

The corporation is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange under symbol BRW. The corporation is focused on grassroots 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 Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.

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