Brunswick Exploration Announces an Amendment to Its Stock Option Plan and Extension of Expiry Date of Warrants

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MONTREAL, June 21, 2022 (GLOBE NEWSWIRE) — Brunswick Exploration Inc. (“Brunswick” or the “Corporation”) (TSX-V: BRW) is pleased to announce that on April 26, 2022, its Board of Directors of Brunswick approved an amendment to the stock option plan of Brunswick (the “Stock Option Plan”) to increase the number of common shares of the Corporation reserved for issuance under the Stock Option Plan from 5,000,000 to 13,000,000.

The Corporation has also received approval from the TSX Venture Exchange on the extension of 3,071,199 common share purchase warrants (the “Warrants”) which were issued as part of the private placement of the Corporation on May 17, 2022. The Warrants, originally set to expire on May 17, 2024, will now expire on May 17, 2025. Holders of Warrants will not receive an amended Warrant certificate.

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A portion of the Warrants are held by parties who are considered to be “related parties” of the Corporation. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101”), and Exchange Policy 5.9 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for under sections 5.5(a) and 5.7(1)(a) of MI 61-101 can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Corporation.

About Brunswick

The Corporation is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange under symbol BRW. The Corporation is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium, tin, nickel and copper. The Corporation is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in Eastern Canada.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.