Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) announces that, subject to final approval of the TSX Venture Exchange, the Company has closed the first tranche of a non-brokered private placement for combined aggregate proceeds of $3,513,538.00 broken down as follows:
Brixton’s current largest shareholder, Crescat Capital, has subscribed for an aggregate of 11,111,112 Units, which will constitute part of the second tranche of the Offering. Crescat Capital’s subscription is subject to final acceptance of the TSX Venture Exchange, as Crescat Capital will constitute a new “insider” as defined in applicable securities legislation, of Brixton upon completion of the second tranche of the private placement.
In connection with the closing of the First Tranche Private Placement, the Company issued 1,322,958 broker warrants exercisable at a price of $0.16 for 24 months from the date of issuance and paid cash finders’ fees in the aggregate amount of $210,812.28 to GloRes Securities Inc. and Accilent Capital Management Inc.
The First Tranche Private Placement forms a part of a larger offering for an aggregate total of up to $5,250,000.00 (and Company reserves the option to increase the size of its Offering of Units by up to 20% subject to regulatory approval). The Offering will be comprised of a combination of traditional Units and FT Units.
The second tranche for the balance of the Offering is expected to close on or about September 15, 2022.
The aggregate gross proceeds raised from the FT Units will be used for general exploration expenditures on the Company’s Thorn Project, located in British Columbia, which will constitute Canadian exploration expenses (within the meaning of subsection 66(15) of the Income Tax Act (Canada) that will qualify as “flow through mining expenditures” within the meaning of the Tax Act. The Qualifying Expenditures will be renounced with an effective date no later than December 31, 2022.
The net proceeds from the Unit Offering will be used to fund ongoing the Thorn Copper-Gold Project exploration expenditures, and for working capital and general corporate purposes.
All securities issued in connection with the First Tranche Private Placement are subject to a hold period of four months and one day from closing of the First Tranche Private Placement. The First Tranche Private Placement remains subject to final approval of the TSX Venture Exchange.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects toward feasibility. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Atlin Goldfields Projects located in NW BC (under Option to Pacific Bay Minerals), the Langis-HudBay silver-cobalt Project in Ontario, and the Hog Heaven copper-silver-gold Project in NW Montana, USA (under option to Ivanhoe Electric Inc.
HIGHLIGHTS Sigma Lithium announces that it will commence loading ... READ MORE
Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ... READ MORE
Geomega Resources Inc. (TSX-V: GMA) (OTC: GOMRF), a developer of ... READ MORE
Hole 23FP006 includes 65 metres at 1.9 g/t gold and including 10 ... READ MORE
Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) is pleased to rep... READ MORE