Brunswick Exploration (TSX-V:BRW) has closed the first tranche of its previously reported private placement for gross proceeds of C$4.19 million ($4.3 million) from the sale of 16.78 million units at a price of C$0.25 per unit.
Brunswick plans to use the net proceeds from the placement to fund exploration activities at its properties in Canada, Saudi Arabia, and Greenland, in addition to general corporate and working capital.
Each of the units consists of one common share and one half of a common share purchase warrant, which entitles the holder to purchase one common share at a price of $0.35 per warrant share across a period of 36 months.
As part of the placement, Brunswick paid finder’s fees totalling C$274,950 and issued 490,00 non-transferable finder warrants which allow the owner to purchase one common share at a price of C$0.25 per finder warrant share over 24 months.
Chairman Robert Wares subscribed one million units in the offering for an amount of C$250,000, with his participation considered a “related party transaction”. As of 16 March 2026, Wares beneficially owns and exercises control over 45.7 million common shares of the company, representing 16.49% of the common shares issued and outstanding.
Wares also holds 500,000 common share purchase warrants, 224,213 deferred share units, and 1.5 million stock options.
Brunswick Exploration is a mineral exploration company focused on grassroots exploration for lithium in Canada, with additional properties in Greenland and Saudi Arabia.
Write to Amy Rotman at Mining.com.au
Images: Brunswick Exploration
