Brixton Metals closes second tranche, raising $8.96M total

Brixton Metals Corporation (TSX-V: BBB, OTCQX: BBBXF) has closed the second tranche of its non-brokered private placement, issuing 650,000 units at $0.66 per unit for gross proceeds of $429,000.

Concurrently, the company closed a non-brokered offering of national flow-through shares, issuing 5,332,905 shares at $0.76 per share for gross proceeds of $4,053,007.80. Across the first two tranches of both offerings, Brixton has raised a combined $8,956,654.02.

Each unit consists of one common share and one warrant exercisable at $0.90 until August 25, 2029. The warrants include an accelerated expiry provision triggered if the share price on the TSX Venture Exchange reaches or exceeds $1.40 for ten consecutive trading days, after which warrant holders may be given ten days' notice before expiration.

Net proceeds from the unit offering will be directed toward exploration at the Langis Silver Project and general working capital. Proceeds from the flow-through share offering will fund Canadian exploration expenses and flow-through mining expenditures as defined under Canada's Income Tax Act.

In connection with the second tranche, the company paid $30,030 in finders' fees and issued 45,500 non-transferable finders' warrants exercisable at $0.66 until August 25, 2029. Across both tranches, total finders' fees paid amount to $155,176.56, with 235,116 finders' warrants issued.

All securities issued are subject to a hold period expiring December 26, 2026. The company said it intends to complete a final tranche of the unit offering.

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