Brunswick Exploration Announces Increase of Bought Deal Private Placement to C$6.0 Million

About this update from Brunswick Exploration, Inc.

[{"type":"text","content":" MONTREAL,, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the \"Company\") is pleased to announce that due to significant investor demand, the Company has amended its agreement with Red Cloud Securities Inc. (“Red Cloud”) to increase the gross proceeds from the underwritten portion of its previously announced bought deal private placement (the “Brokered Offering”) from C$5.0 million to C$6.0 million. Under the revised Brokered Offering, the Underwriters will purchase for resale 7,058,824 units of the Company (each, a “Unit”) at a price of C$0.85 per Unit (the “Offering Price”) for gross proceeds of C$6,000,000 (the “Underwritten Offering”). Red Cloud is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (the “Underwriters”) under the Brokered Offering. Each Unit will consist 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 whole Warrant shall entitle the holder to purchase one Common Share at a price of C$1.25 at any time on or before that date which is 36 months after the closing date of the Brokered Offering (as defined herein). The Company has granted to the Underwriters an option, exercisable up to 48 hours prior to the closing date of the Underwritten Offering, to purchase for resale up to an additional 1,764,706 Units (the “Over-Allotment Units”) at the Offering Price to raise additional gross proceeds of up to C$1,500,000 (the “Over-Allotment Option”). The Company will have the right to include a list of subscribers to purchase up to 1,764,706 Units at the Offering Price for gross proceeds of up to C$1,500,000 under the Brokered Offering (the “President’s List”). Up to 1,176,470 Units that may be sold under the President’s List will be sold under the Listed Issuer Financing Exemption (see below) and are expected to be freely tradeable under applicable securities legislation if sold to purchasers resident in Canada. Concurrent to the Brokered Offering, the Company also plans to raise up to an additional C$2,000,000 in gross proceeds from the sale of additional Units (the “Non-Brokered Units”) at the Offering Price through a non-brokered private placement (the “Non-Brokered Placement”, and collectively with the Brokered Offering, the “Offerings”). The Company inte...

More updates from Brunswick Exploration, Inc.