Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased to announce that it has completed the second tranche of the non-brokered private placement previously announced on October 30, 2023, November 6, 2023, November 10, 2023 and November 20, 2023.

The first tranche of the Offering which closed on November 20, 2023, consisted of 15,016,666 units and 49,386,593 national flow-through units. The second tranche of the Offering consisted of 16,384,645 charity flow-through units, for total gross proceeds from both tranches of $14,580,535.51.

Each Charity FT Unit consisted of one common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one half of one transferable Warrant. Each whole Warrant comprising the Charity FT Units shall entitle the holder to purchase one common share of the Company at a per share price of $0.23 until November 22, 2025.

Following completion of the Offering, the Company’s largest shareholder, BHP Investments Canada Inc., a wholly owned subsidiary of BHP Group Limited, purchased the 16,384,645 Units of the Company that were initially purchased from the Company by other purchasers as part of the Charity FT Units in order to maintain its 19.9% pro-rata share position in the Company.

Proceeds from the sale of Charity FT Units will be used to incur “Canadian exploration expenses” and “flow through mining expenditures” as defined in the Income Tax Act (Canada).

The securities issued to subscribers of the Charity FT Units will be subject to a hold period until March 23, 2024 pursuant to applicable Canadian securities laws.