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Brixton Metals Raises C$4.5 Million After Closing First Tranche of Private Placement

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Brixton Metals (BBB.V) closed the first tranche of its non-brokered private placement offering, raising C$4.5 million, it said in a statement after markets closed on Friday.

The first tranche consisted of the issuance of 6.8-million units at C$0.66 apiece. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable to buy a share for C$0.90 until Aug. 15, 2029, subject to an acceleration clause.

Proceeds will be used for exploration at the Langis Silver project located in the silver mining camp of Cobalt, Ontario, and for general working capital needs. Some of the company's directors, officers and their affiliates participated in the offering for about 238,000 units, it said.

Shares of the company closed up 1.6% at C$0.65 on Friday on the TSX Venture Exchange.

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