Announcement • Mar 24
Brunswick Exploration Inc. announced that it has received CAD 5.445 million in funding
On March 23, 2026, Brunswick Exploration Inc. closed the transaction. The company issued 5,000,000 units at a price of CAD 0.25 per unit for gross proceeds of CAD 1,250,000 in its final tranche. In the aggregate, the corporation issued 21,780,000 units and raised gross proceeds in the amount of CAD 5,445,000 under the offering. Robert Wares subscribed 1,000,000 units in the offering in consideration for an amount of CAD 250,000. Each unit consists of one common share of the corporation and one half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the corporation at a price of CAD 0.35 per warrant share for a period of 36 months. In connection with the offering, the corporation paid finder's fees to arm's length third parties in an aggregate amount of CAD 278,200 and issued 490,000 non-transferable finder warrants. Each finder warrant is exercisable to purchase one common share of the corporation at a price of CAD 0.25 per finder warrant Share for a period of 24 months. The finder warrants are subject to a restriction period of four month and one day pursuant to applicable Canadian securities laws. The units are not subject to resale restrictions in Canada pursuant to applicable Canadian securities laws. Prior to the offering, Wares beneficially owned, and exercised control or direction over 44,732,016 common shares, representing 17.16% of the 260,612,131 common shares then issued and outstanding on a non-diluted basis. He also held, 225,213 deferred share units and 1,500,000 stock options of the corporation. Assuming the exercise of the stock options and the settlement of the DSU for common shares, Wares’ holdings would have represented 17.71% of the common shares on a partially diluted basis. Following the offering, Wares beneficially owns, and exercises control or direction over 45,732,016 common shares, representing 16.19% of the 282,392,131 common shares currently issued and outstanding on a non-diluted basis. He also holds 500,000 warrants, 225,213 DSU and 1,500,000 stock options of the corporation. Assuming the exercise of the warrants and stock options and the settlement of the DSU for common shares, as applicable, Wares’ holdings would represent 16.85% of the common shares on a partially diluted basis.
