Brixton Metals closes first tranche of private placement at $0.66

Brixton Metals Corporation (TSXV: BBB, OTCQX: BBBXF) has closed the first tranche of a non-brokered private placement, issuing 6,779,767 units at $0.66 per unit for gross proceeds of approximately $4.47 million.

Each unit consists of one common share and one warrant exercisable at $0.90 per share until August 15, 2029. The warrants are subject to accelerated expiry if the company's share price on the TSX Venture Exchange closes at or above $1.40 for ten consecutive trading days, after which warrant holders would have ten days to exercise before expiration.

The company paid finders' fees of $125,146.56 and issued 189,616 non-transferable share purchase warrants to third parties who assisted in introducing subscribers. Finders' warrants are exercisable at $0.66 until August 15, 2029, under the same acceleration provisions.

Certain directors, officers, and their affiliates participated in the offering, purchasing 238,000 units. The company said the insider participation qualifies as a related party transaction under Multilateral Instrument 61-101 but is exempt from valuation and minority shareholder approval requirements.

Net proceeds are intended for exploration at the Langis Silver Project and general working capital. Securities issued in the first tranche are subject to a hold period expiring December 15, 2026. Brixton said it intends to complete a final tranche of the offering.

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