Brunswick Exploration
  • Brunswick Exploration (BRW) has upsized its combined offerings from C$7 million to C$8 million
  • The upsizing, driven by investor demand, has led to an amendment to the agreement the company signed with Red Cloud Securities Inc
  • The amendment has increased the gross proceeds from the underwritten portion of its bought-deal private placement from C$5.0 million to C$6.0 million,raising the combined offerings to $ 8 million
  • Brunswick Exploration is a Montreal-based mineral exploration focused on grassroots exploration for metals necessary for the decarbonization and energy transition
  • Brunswick Exploration Inc. was up 3.297 per cent, trading at $0.94 at 1:49 PM ET

Brunswick Exploration (BRW) has announced the upsizing of its combined offerings from C$7 million to C$8 million.

The upsizing, driven by investor demand, has led to an amendment of the agreement the company signed with Red Cloud Securities Inc. concerning the offerings.

The amendment has increased the gross proceeds from the underwritten portion of its bought-deal private placement from C$5.0 million to C$6.0 million.

Under the revised brokered offering, the underwriters will now purchase for resale 7,058,824 units of the company at a price of C$0.85 per unit for gross proceeds of C$6,000,000.

Red Cloud is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters under the brokered offering.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant.

Each whole warrant shall entitle the holder to purchase one common share at a price of $1.25 at any time on or before that date which is 36 months after the closing date of the brokered offering.

Concurrent with the brokered offering, the company also plans to raise up to an additional $2,000,000 in gross proceeds from the sale of additional units at the offering price through a non-brokered private placement.

Brunswick will use the net proceeds raised from the offerings for the exploration of its projects in Quebec, Ontario, Saskatchewan and Manitoba and for general working capital and corporate purposes.

The brokered offering is scheduled to close on or around March 9, 2023, while the non-brokered offering is scheduled to close on or around March 24, 2023.

Brunswick Exploration is a Montreal-based mineral exploration focused on grassroots exploration for metals necessary for decarbonization and energy transition, with a particular focus on lithium.

Brunswick Exploration Inc. was up 3.297 per cent, trading at $0.94 per share at 1:49 PM ET.


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