Brunswick Exploration Inc. has closed a first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $1,493,700.75, consisting of the issuance of 1,757,295 units of the Corporation (each, a “Unit”) at a price of $0.85 per Unit (the “Offering”).
Each Unit consists of one common share of the Corporation (each, a “Common Share”) and one-half of one common share purchase warrant of the Corporation (each whole warrant, a “Warrant”). 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.
Closing of the second and final tranche of non-brokered private placement is expected by March 31, 2023.
The Corporation expects to use the net proceeds from the Offering for exploration of the Corporation’s projects in Québec, 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 $12,750 and issued 7,500 compensation warrants to an arm’s length third party. Each such compensation warrant entitles its holder to acquire one Common Share at a price of $0.85 for a 36-month period following the closing date of the Offering.
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 4-month and one day hold period expiring on July 25, 2023 in accordance with applicable securities legislation.
