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Canadian Business Journal, Property of Brunswick Exploration Option Adjacent to PMET’s Corvette Discovery

MONTREAL, November 10, 2022 (GLOBE NEWSWIRE) — Brunswick Exploration Company (TSX-V:BRW; “BRWMore” or “Company”) is located in Mithril and Elrond Properties (“Property”), James Bay region of Quebec. The Mithril property is located just north of Patriot Battery Metal’s Corvette project in Quebec.

BRW President Killian Charles commented: Lithium acquisition options on the Mythril and Elrond properties adjoin Patriot Battery Metals’ excellent Corvette project. This option agreement constitutes a significant addition to James Bay’s extensive grassroots portfolio and we are excited to rapidly unlock its lithium potential in 2023. “

Midland Exploration Option Agreement

The Mithril and Elrond property packages include a total of 511 claims covering 26,290 hectares. Both properties have never been investigated for lithium. Exploration is a priority for him in 2023 and could lead to trenching and excavation if results warrant.

Under the first option, upon execution of the option agreement, BRW will acquire an initial 50% interest in the property’s rare minerals potential (excluding base and precious metals) for aggregate cash and stock consideration of $500,000 over three years. can do. (“Agreement”) under the following terms:

  • First payment of $50,000 (half in stock) within 5 business days of the effective date of the contract.
  • $100,000 payout, half in stock, one day or earlierst One year anniversary from the effective date of the contract.
  • Payment of $140,000 (half of which in stock, in 2 days or less)nd One year anniversary from the effective date of the contract.
  • Pay $210,000 in shares 3 days in advancerd One year anniversary from the effective date of the contract.

to exercise the first option. Brunswick Exploration shall fund operating expenses totaling $1,500,000 according to the following schedule:

  • A firm commitment of $300,000 on or before the datest year anniversary of the effective date;
  • $600,000 total within 2 daysnd year anniversary of the effective date;
  • $1,500,000 total within 3 daysrd year anniversary of the effective date;

The second option allows BRW to acquire an additional 35% interest in the property for aggregate cash or stock consideration of $200,000 over two years if the first option is exercised under the following conditions: increase.

  • $100,000 in cash, stock, or a combination of both, selected by BRW one day or earlierst 1 year anniversary of the exercise of the first option
  • $100,000 in cash, stock, or a combination of both, selected by BRW in 2 days or earliernd 1 year anniversary of the exercise of the first option

To exercise the second option. Brunswick Exploration shall make operating expenses totaling $2,000,000 according to the following schedule:

  • $1,000,000 total amount before 1 dayst 1 year anniversary of the exercise of the first option
  • Amount of $1,000,000 within 2 daysnd 1 year anniversary of the exercise of the first option

If the second option is executed, BRW will retain priority to 15% ownership of Midland Exploration. Additionally, Midland is not expected to fund a pro rata portion of the exploration budget after exercising the second option until construction of the mine.

Corporate update

The Company has appointed its directors and officers to settle outstanding payments of $333,333 due in November 2022 on convertible notes issued in 2018 and maturing in September 2021. Entered into a debt settlement agreement with Robert Wares (the “Debt Settlement”). , by issuing 952,380 shares of BRW common stock at an issue price deemed to be $0.35 per common share. This debt settlement will be executed in equity to preserve capital available to the company.

Any common stock issuance under the Debt Settlement is subject to the approval of the TSX Venture Exchange (“TSX-V”). Common shares issued pursuant to the Debt Settlement are subject to a statutory holding period of four months and one day from the date of issuance of common shares, in accordance with applicable securities laws.

After the debt settlement, Robert Wares will own 44,235,572 shares of common stock and 1,300,000 options. Exercise of Options.

The Debt Settlement constitutes a “related party transaction” within the meaning of TSX-V Policy 5.9 (“Policy”) and Multilateral Agreement 61-101 – Minority Shareholder Protection in Special Transactions (“MI 61-101”). adopted in policy. The Company intends to rely on MI 61-101’s exemption from formal valuation and minority shareholder approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as its fair market value (as determined). (under MI 61-101) shall not exceed 25% of the Company’s market capitalization (as determined under MI 61-101).

Finally, we would like to announce that we have asked Mr. Olivier Thierens to assist the management and the Board on a one-year consultation basis in matters of corporate development. BRW grants consultant her 400,000 incentive stock options. The grant has a vesting period of his three years, a term of five years, and an exercise price of $0.32. Stock options have been granted pursuant to our Stock Option Plan and are subject to applicable securities laws and TSX Venture Exchange policies.

qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Jeff Hussey, Director of Brunswick Exploration. He is a professional geologist registered in Quebec.

About Brunswick Exploration

Brunswick Exploration is a Montreal-based mineral exploration company listed on TSX-V under the symbol BRW. We focus on grassroots exploration of lithium, a key metal required for global decarbonization and energy transitions. The company has holdings in Quebec, Ontario, New Brunswick and Newfoundland, and is rapidly advancing the broadest grassroots lithium asset portfolio in eastern Canada.

IR・Information

President Killian Charles ([email protected])

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws that is based on expectations, estimates and projections as of the date of this news release. Forward-looking information involves risks, uncertainties and other factors and actual events, results, performance, prospects and opportunities may not be expressed or implied by such forward-looking information. may differ significantly from those presented. Factors that could cause actual results to differ materially from such forward-looking information include delays or failures to obtain necessary governmental, environmental or other project approvals. but not limited to: Uncertainty about the availability and cost of future funding needs. changes in stock markets; inflation; volatility in commodity prices; delays in project development; and other risks associated with the mineral exploration and development industry. These risks are described in public company documents filed with his SEDAR at www.sedar.com. Although we believe that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, such information applies only as of the date of this news release. undue reliance should not be placed on and no warranty is given. Such events are assumed to occur within the disclosed time or not at all. We disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3121b8a9-a3ec-4f97-89ee-c101e7248db1.


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Canadian Business Journal, Property of Brunswick Exploration Option Adjacent to PMET’s Corvette Discovery

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