- Brunswick Exploration (BRW) has announced concurrent capital raises for gross proceeds totalling C$7,000,000
- The brokered offering consists of the sale of 5,882,353 units at a price of $0.85 per unit.$5,000,000 to the underwriters
- The second arm is a non-brokered offering of additional units for gross proceeds of $2,000,000 at the offering price
- Brunswick Exploration is a Montreal-based mineral exploration
- Brunswick Exploration Inc. opened trading at $0.94 per share
Brunswick Exploration (BRW) has announced concurrent capital raises for gross proceeds totalling C$7,000,000.
The company has signed an agreement with Red Cloud Securities Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, for a brokered offering of $5,000,000.
Under the brokered offering, the company has agreed to sell to the underwriters 5,882,353 units of the company at a price of $0.85 per unit.
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.
The company has also granted to the underwriters an over-allotment option, exercisable up to 48 hours before the closing date of the offering, to purchase up to an additional 1,764,706 units at the offering price to raise additional gross proceeds of up to $1,500,000.
Brunswick will have the right to include a list of subscribers to purchase up to 1,764,706 units at the offering price for gross proceeds of up to $1,500,000 under the brokered offering.
Concurrent with the brokered offering, the company also plans to raise up to an additional $2,000,000 from the sale of additional units at the offering price through a non-brokered private placement.
The company plans to use the net proceeds raised from the offerings for exploration of the company’s 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, and the non-brokered offering is scheduled to close on or around March 24, 2023.
The company is a Montreal-based mineral exploration venture.
Brunswick Exploration Inc. opened trading at $0.94 per share.