Brunswick Exploration closes $2.12-million financing

Executive Summary

• Brunswick Exploration Inc. has closed an upsized non-brokered private placement of flow-through shares, raising approximately $2.12 million in gross proceeds.
• The financing supports an aggressive exploration schedule for 2026, including the release of the Mirage maiden resource estimate (MRE) in early January, followed by expanded drilling at the Anatacau discovery and activities in Saudi Arabia and Mirage.
• Insiders participated in the offering, and the transaction is subject to final approval by the TSX Venture Exchange.

Key Details

• Transaction Structure: Non-brokered private placement of common shares sold as flow-through shares (FT shares) under Canadian tax laws.
• Gross Proceeds: Approximately $2,121,542.
• Shares Issued: 12,123,097 common shares.
• Price: Updated price of 17.5 cents per FT share.
• Finder’s Fees: $62,726.24 paid to arm's-length third parties.
• Insider Participation: Insiders were issued an aggregate of 314,200 FT shares. This is classified as a related party transaction under Regulation 61-101 but is exempt from formal valuation and minority shareholder approval requirements as the value does not exceed 25% of market capitalization.
• Regulatory Status: Subject to final approval of the TSX Venture Exchange.
• Hold Period: FT shares are subject to a statutory four-month-and-one-day hold period.
• Strategic Outlook: CEO Killian Charles highlighted that the closing of this financing coincides with the expected release of the Mirage MRE in the first two weeks of January 2026. Future plans include returning to drill the Anatacau discovery with an expanded program, continuing prospecting in Saudi Arabia, and drilling at Mirage, with these activities expected to begin in the second quarter of 2026.

Notable Quotes

• "With the Mirage maiden resource estimate expected in the first two weeks of January and the closing of this financing, BRW will have an aggressive start to 2026. Following the release of the MRE, we will be returning to drill the recent discovery at Anatacau with a significantly expanded drill program before continuing with prospecting in Saudi Arabia and drilling at Mirage, both expected to begin in the second quarter." — Killian Charles, President and CEO