MONTREAL, April 08, 2024 (GLOBE NEWSWIRE) -- Brunswick 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 ([email protected])