Business
Brunswick Exploration Closes Financings for Gross Proceeds of C$5.5 Million
MONTREAL, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the "Company") is pleased to announce the closing of its previously announced p
About this update from Brunswick Exploration, Inc.
[{"type":"text","content":" MONTREAL, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the \"Company\") is pleased to announce the closing of its previously announced private placements for aggregate gross proceeds of C$5,500,240. Mr. Killian Charles, President of BRW, commented: “With the closing of this financing, we are now fully financed to launch one of the largest grassroot lithium exploration programs globally. We believe 2023 will be an exciting year for the Company as we look to begin filtering the hundreds of untested pegmatites in our portfolio.” The Company has completed its “best-efforts” private placement (the “Brokered Offering”) led by Red Cloud Securities Inc. on behalf of a syndicate of agents that includes Canaccord Genuity Corp. (the “Agents”). Under the Brokered Offering, the Company raised gross proceeds of C$5,000,000, which includes the full exercise of the Agents’ over-allotment option, from the sale of the following: 2,666,667 Quebec-eligible flow-through units of the Company that were sold to charitable purchasers (each, a “Quebec Charity FT Unit”) at a price of C$0.75 per Quebec Charity FT Unit for gross proceeds of C$2,000,000 from the sale of Quebec Charity FT Units; and 5,357,143 flow-through units of the Company that were sold to charitable purchasers (each, a “National Charity FT Unit”, and collectively with the Quebec Charity FT Units, the “Offered Securities”) at a price of C$0.56 per National Charity FT Unit for gross proceeds of C$3,000,000 from the sale of National Charity FT Units. Each Quebec Charity FT 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 issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec) (each, a “Quebec FT Share”). Each National Charity FT Unit consists of one Common Share to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “National FT Share”, and collectively with the Quebec FT Shares, the “FT Shares”) and one half of one Warrant (issued on a “flow-through basis” under the Income Tax Act (Canada)). Each whole Warrant shall entitle the holder to purchase one Common Share at a price of C$0.75 at any time on or before December 22, 2025. In connection with the Br...