Mr. Killian Charles reports

BRUNSWICK EXPLORATION ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF $5M

Brunswick Exploration Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $5-million from the sale of the following:

• Up to 869,565 common shares of the company to be sold to Quebec purchasers as flow-through shares within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec) at a price of $1.15 per Quebec FT share for gross proceeds of up to $1-million;
• Up to 3,636,364 common shares to be sold to Canadian purchasers as flow-through shares within the meaning of the Income Tax Act (Canada) at a price of $1.10 per national FT share for gross proceeds of up to $4-million.

Killian Charles, president and chief executive officer of Brunswick, commented: "Over the previous weeks, we have identified multiple spodumene-bearing outcrops at Mirage, and our inaugural drilling campaign has barely begun testing the potential of the project. With initial drill results forthcoming, this financing will enable the company to continue its aggressive drilling campaign at Mirage into Q1 2024 and beyond. Concurrent to our plans at Mirage, we will also complete follow-up drilling at our latest discovery at the Elrond project."

The company intends to use the proceeds raised from the offering to accelerate drilling at the Mirage project and begin testing the recently announced discovery at the Elrond project. Proceeds from the sale of offered shares will be used to incur Canadian exploration expenses, as defined in Subsection 66.1(6) of the Income Tax Act (Canada), flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and for Quebec-eligible proceeds using the two 10-per-cent enhancements under Section 726.4.9 and Section 726.4.17.1 of the Quebec Tax Act. Such proceeds will be renounced to the subscribers with an effective date of not later than Dec. 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the sale of offered shares.

The offering is scheduled to close on or around Nov. 17, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The offered shares will be subject to a statutory four-month-and-one-day hold period.

About Brunswick Exploration Inc.

Brunswick Exploration is a Montreal-based mineral exploration company. The company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada.

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