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Brunswick Exploration Announces Closing of C$7.5 Million Bought Deal Private Placement
MONTREAL, March 09, 2023 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the "Company") is pleased to announce the closing of its previously announced
About this update from Brunswick Exploration, Inc.
[{"type":"text","content":" MONTREAL, March 09, 2023 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the \"Company\") is pleased to announce the closing of its previously announced “bought deal” private placement (the “Offering”) for gross proceeds of C$7,500,000.50, which includes the full exercise of the over-allotment option of C$1.5 million. Due to significant demand, the Offering was upsized from its original gross proceeds of C$5.0 million to C$6.0 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. (collectively, the “Underwriters”). Under the Offering, the Company sold 8,823,530 units of the Company (each, a “Unit”) at a price of C$0.85 per Unit. Each Unit consists of one common share of the Company (each, a “Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder to purchase one Common Share at a price of C$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. 5,882,353 Units sold under the Offering (the “LIFE Units”) were sold to purchasers pursuant to the listed issuer financing exemption (the “Listed Issuer Financing Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (in Québec, Regulation 45-106 respecting Prospectus Exemptions, collectively, “NI 45-106”). The Common Shares and Warrants underlying the LIFE Units are freely tradeable and are not subject to a hold period pursuant to applicable Canadian securities laws. The remaining 2,941,177 Units sold under the Offering (the “Non-LIFE Units”) 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 United States 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 ...