Brunswick Exploration Board Shake-Up as Two Directors Exit

Brunswick Exploration (TSX-V: BRW) reshuffled its board at the annual meeting on June 11, with two directors leaving and two new ones joining. The company also granted deferred share units to non-executive directors in lieu of cash fees.

Shareholders holding about 31% of the 282.4 million outstanding shares attended or were represented by proxy. Incumbent directors André Le Bel, Amy Satov and Robert Wares were re-elected. Steven Bowles and Isabelle Cadieux join as new directors. Pierre Colas and Jeffrey Hussey did not stand for re-election and left the board at the close of the meeting.

"I would like to thank Mr. Hussey and Mr. Colas for their valuable contributions during their service as directors," Chairman Robert Wares said in a statement. "I wish them well in their future endeavors."

The board also reappointed Raymond Chabot Grant Thornton LLP as auditor for the coming fiscal year.

Separately, Brunswick granted 572,289 deferred share units to its non-executive directors in place of board fees. The DSUs were priced at $0.166 per unit, the fair market value on the grant date, and will vest in one year. The plan is filed on SEDAR+.

Brunswick is a Montreal-based lithium explorer with a grassroots portfolio across Canada, Greenland and Saudi Arabia. Its flagship Mirage project in Quebec holds an inferred resource of 52.2 million tonnes grading 1.08% lithium oxide, one of the largest undeveloped hard-rock lithium deposits in the Americas.