MONTREAL, Oct. 01, 2020 (GLOBE NEWSWIRE) — Brunswick Exploration Inc., formerly Komet Resources Inc. (“Brunwick” or the “Corporation”) is pleased to announce that it has closed its previously announced non-brokered private placements for aggregate gross proceeds of $3.325 million, consisting of the issuance of (i) 12,500,000 units of the Corporation (each, a “Unit“) at a price of $0.13 per Unit, for gross proceeds of $1.625 million and (ii) 10,000,000 flow-through shares of the Corporation (the “FT Shares”), at a price of $0.17 per FT Share, for gross proceeds of $1.7 million (collectively, the “Offerings“).
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 $0.20 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 Corporation for the exploration of newly acquired Québec properties ($1.7 million), as well as general corporate purposes ($1.625 million).
In connection to this Offerings, the Corporation paid cash finders fees of $49,323.
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, 117,287,368 common shares of the Corporation are issued and outstanding.
The Corporation is a Montreal-based mineral exploration corporation listed on the TSX-V under symbol KMT. It has put its African assets for sale and is now focused on exploration and development of gold and base metal properties in Eastern Canada. The Corporation’s name change to “Brunswick Exploration Inc.” was approved at the annual meeting of shareholders on September 15, 2020. The Corporation will trade under the symbol TSX-V: BRW effective at market open on October 6, 2020.
Mr. Robert Wares, Chairman and interim 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.