Brunswick Exploration Closes First Tranche of Non-Brokered Private Placement for Gross Proceeds of $4,195,000

Executive Summary

• Brunswick Exploration Inc. closed the first tranche of its non‑brokered private placement, raising $4.195 million from the sale of 16,780,000 units at $0.25 per unit.
• Each unit includes one common share and half of a warrant to purchase an additional share at $0.35 for 36 months.
• Net proceeds are earmarked for exploration activities in Canada, Saudi Arabia and Greenland, as well as general corporate purposes and working capital.

Key Details

• Gross proceeds: $4,195,000
• Units sold: 16,780,000 (each = 1 common share + ½ warrant)
• Unit price: $0.25 per unit
• Warrant terms: One whole warrant per two units; each warrant allows purchase of one common share at $0.35 for a 36‑month period.
• Finder fees paid: $274,950 to arm’s‑length third parties.
• Finder warrants issued: 490,000 non‑transferable warrants (exercise price $0.25, 24‑month term, 4‑month + 1‑day restriction).
• Use of proceeds: Exploration on existing properties in Canada, Saudi Arabia and Greenland; general corporate purposes; working capital.
• Regulatory framework: Offering relied on the listed issuer financing exemption under NI 45‑106 (Part 5A) and Coordinated Blanket Order 45‑935. Units are not subject to resale restrictions in Canada.
• U.S. securities law disclaimer: Units not registered under U.S. Securities Act; cannot be offered or sold to U.S. persons absent an exemption.
• Related party participation: Chairman Robert Wares subscribed for 1,000,000 units ($250,000). His ownership post‑offering is ~16.49% (non‑diluted) and would rise to ~17.15% on a partially diluted basis if all options/warrants are exercised.
• Early warning filing: Form 62‑103F1 available on SEDAR+; contact President & CEO Killian Charles for copies.

Notable Quotes

(No direct quotes were provided in the release.)