MONTREAL, Dec. 21, 2020 (GLOBE NEWSWIRE) — Brunswick Exploration Inc., (“Brunswick” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placements for aggregate gross proceeds of $3,106,916, consisting of the issuance of (i) 5,000,000 units of the Company (each, a “Unit“) at a price of $0.22 per Unit, for gross proceeds of $1.1 million and (ii) 9,122,344 flow-through shares of the Company (the “FT Shares”), at a price of $0.22 per FT Share, for gross proceeds of $2,006,916 (collectively, the “Offerings“).
Each Unit consists of one common share of the Company (each, a “Common Share“) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.28 for a 24-month period following the closing date of the Offerings.
The net proceeds from the Offerings are expected to be used by the Company for the exploration of newly acquired Fundy Gold project and its portfolio of projects in the BMC under option from Osisko Metals Inc., as well as general corporate purposes.
In connection to this Offerings, the Company paid cash finders fees of $66,221.
The Offerings were carried out pursuant to prospectus exemptions of applicable securities laws and are subject to final acceptance by the TSX Venture Exchange. All securities issuable pursuant to the Offerings are subject to a statutory 4-month hold period from closing in accordance with applicable securities legislation.
As a result of the Offerings, 131,369,712 common shares of the Company are issued and outstanding.
The Company has retained the services of The Bid Capital Markets to provide investor relations services. The Bid Capital Markets will help introduce Brunswick to potential investors and assist the Company in its marketing effort.
In consideration of the services to be provided, the fees incurred by The Bid Capital Markets will be cash consideration of $6,000 per month, starting November 1st, 2020 for a 12-month period with an option to renew for a further 12-month term.
The Company, formerly Komet Resources Inc., is part of the Osisko Group of companies and is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. It has put its former African assets for sale and is now focused on exploration and development of gold and base metal properties in Eastern Canada. Current projects include gold-polymetallic vein systems in southern New Brunswick (Fundy Gold Project) and base metals VMS in the Bathurst Mining Camp in northern New Brunswick and in the Chibougamau region of Quebec (Waconichi).
Mr. Killian Charles, President (firstname.lastname@example.org).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.