VANCOUVER, British Columbia, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSXV: BBB) (OTCQB: BBBXF) (the “Company” or “Brixton”) announces a non-brokered private placement financing of up to $3,000,000 (the “Private Placement”) through the issuance of any combination of common shares of the Company (“Shares”), flow-through shares of the Company (the “FT Shares”) and charitable flow-through shares of the Company (the “Charitable-FT Shares”). The Shares will be priced at $0.20 per Share and the FT Shares will be priced at $0.24 per FT Share. The Charitable FT Shares are priced at $0.29 per Charitable FT Share.
Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “We are pleased with the exploration results from the 2019 season, from which some results are still pending. While we anticipate ending 2019 with more than $3 million in cash, this financing will allow us to effectively plan for our 2020 exploration programs. These funds will give us the potential to materially advance select wholly owned projects providing the best position from which to create shareholder value”.
All securities issued pursuant to this Private Placement will be subject to a four month and one day hold period. The Private Placement is subject to acceptance by the TSX Venture Exchange (the “Exchange”).
The closing date for the Private Placement is scheduled to occur on or before November 27, 2019. The Company may pay a finders’ fee in respect of certain subscribers in accordance with the policies of the TSX Venture Exchange.
The Company may issue securities under the Private Placement in accordance with the provisions of applicable prospectus exemptions available to existing security holders, if there is interest. Any existing shareholders of the Company interested in participating in the Private Placement should contact the Company using the contact information below. The Private Placement is not subject to a minimum and the Company will provide an update on its intended use of proceeds, including approximate amounts, once subscriptions are confirmed.
The use of proceeds shall be for exploration expenditures on Brixton’s wholly owned exploration projects and for general working capital.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its gold and silver projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn gold-silver and the Atlin gold 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. The Company is actively seeking JV partners to advance one or more of its projects. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton Metals please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
Tel: 604-630-9707 or email: firstname.lastname@example.org
For Investor Relations, please contact Mitchell Smith
Tel: 604-630-9707 or email: email@example.com
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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, TSXV final approval, and the exploration potential of the Hog Heaven project based on historical drill results and forward looking statements. 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 statements.