VANCOUVER, British Columbia, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (the "Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce the closing of the second tranche of its previously announced private placement on November 6, 2019 of common shares and flow-through common shares of the Company for gross proceeds of $512,324.00 (the "Private Placement") through the issuance of 1,926,350 flow-through shares (“FT Shares”) of the Company at $0.24 per flow-through share and 250,000 common shares (“Common Shares”) of the Company at $0.20 per common share (collectively, the “Securities”) to investors in Canada (the “Investors”), conditionally approved by TSX Venture Exchange (“TSX-V”).
Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “With this additional financing complete, the Company is in a strong position moving into 2020 with approximately $5.6M of working capital, allowing us to advance select high-impact exploration projects. The company will continue its focus of unlocking shareholder value.”
Red Cloud Securities, Canaccord Genuity Corp., PI Financial Corp., and Eight Capital acted as finders (the “Finders”) in connection with the Private Placement. The Company paid the Finders a fee of 7% in cash and 7% in warrants (“Finder’s Warrant”). Each Finder’s Warrant entitles the Finder to acquire once Common Share at an exercise price of $0.24 for a period of 24 months from Closing (“Finder Warrant Expiry Date”).
The proceeds from the Private Placement will be used for exploration activities on the Company’s projects in Canada. The Securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months and one day expiring from the closing date of the Private Placement.
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 is a Canadian exploration and development company focused on the advancement of its gold, copper and silver projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver and the Atlin Goldfields Projects located in NWBC, the Langis-Hudson Bay silver-cobalt project in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. For more information about Brixton please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
For Investor Relations please contact Mitchell Smith
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds and proposed exploration programs. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statement.