There were a number of companies which had come into focus among investors on Monday and one of those was Brunswick Exploration Inc (OTC:BRWXF). The company had announced yesterday that it inked an agreement with Sirius Resources to buy back an existing 0.5% NSR on some of the claims inside the Mirage Project. The project is situated at the Eeyou Istchee James Bay region in Quebec. The Chief Executive Officer and President of Brunswick Exploration spoke about the development as well.
He noted that everyone at the company was eagerly waiting for the release of the first tranche of results from the exploration campaign that took place in winter of 2024 at Mirage. The results were going to provide a demonstration of the rising prospects of the Mirage Project. He also stated that in the mean time the company was working actively with the aim of consolidating the region and boosting the economic prospects of the project through a range of opportunities. One of those opportunities is the above mentioned repurchase of royalty and the transaction was going to further strengthen Mirage as one of the most important lithium projects in the company’s portfolio.
In the news release, Brunswick Exploration also provided details about the terms of the royalty repurchase transaction. Within five business days of the approval of the transaction from the TSX Venture Exchange the company would need to make cash payment of $50,000. The payment schedule to Sirios would be made in three stages. The company would make three payments of $100,000 each on or before the three month, six month and nine month anniversaries of the effective date of the transaction. The payment could be made in stock, cash or combination of both. However minimum of 25% of the payment would need to be made in cash.
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