Brixton Metals plans $5M private placement to fund exploration

Brixton Metals Corporation (TSX-V: BBB, OTCQX: BBBXF) announced a non-brokered private placement of up to 7,575,757 units at $0.66 per unit, for gross proceeds of up to $5,000,000.

Each unit consists of one common share and one warrant exercisable for an additional common share at $0.90 for three years from the closing date. The warrants include an accelerated expiry provision triggered if the company's share price on the TSX Venture Exchange closes at or above $1.40 for 10 consecutive trading days, after which warrant holders may be given 10 days' notice before expiration.

Proceeds from the offering are designated for exploration at the Langis Silver Project and general working capital. The offering is subject to TSX Venture Exchange conditional listing approval and other regulatory approvals. Securities issued will carry a hold period of four months and one day from closing.

Finder's fees may be payable to qualifying introducers, and company insiders may participate in the offering.

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