MONTREAL, April 08, 2024 (GLOBE NEWSWIRE) -- Brunswick (NYSE:BC) Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; BRW or the Company) is pleased to announce that it signed an agreement with Sirios Resources (Sirios) to repurchase an existing 0.5% NSR on certain claims within the Mirage Project, located in the Eeyou Istchee James Bay region of Quebec.
Mr. Killian Charles, President and CEO of BRW, commented: We are excitedly looking forward to the approaching release of the first wave of results from our Winter 2024 campaign at Mirage as these results will continue to demonstrate the growing exploration prospectivity at Mirage. In the interim, we have been actively working in consolidating the region and improving the economic potential of the project through various opportunities including this royalty repurchase and the transaction announced today further cements Mirage as one of the leading lithium projects in our portfolio.
Royalty Repurchase Overview
The royalty repurchase will be completed under the following terms and is subject to final approval from the TSXV:
- Cash payment of $50,000 within five business days of the agreement's final approval from the TSXV (the Effective date)
- Payment schedule in cash, share or a combination of both, to Sirios:
- $100,000, on or before the three-month anniversary of the Effective date;
- $100,000, on or before a six-month anniversary of the Effective date;
- $100,000, on or before a nine-month anniversary of the Effective date.
The payment schedule is subject to the following constraints:
- Minimum 25% in cash;
- Share amount is calculated on the 10-day Volume Weighted Average Share Price preceding the date of the payment and is subject to a $0.40 minimum share price.
Upon start of mineral extraction over the claims covered by this agreement, Brunswick will make a further milestone payment to Sirios of $250,000 in cash or an amount in shares (share amount is calculated on the 10-day Volume Weighted Average Share Price preceding the date of the payment and is subject to a $0.40 minimum share price) or a combination of both, at Brunswick's discretion.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. 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.
Investor Relations/information
Mr. Killian Charles, President and CEO (info@brwexplo.ca)
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Source: Brunswick Exploration