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FINWIRES

Brixton Metals Raises C$429,000 Via Second Tranche of Private Placement

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Brixton Metals (BBB.V) closed a second tranche of its non-brokered private placement offering of units raising C$429,000, it said after markets closed on Tuesday.

The second tranche consisted of 650,000 units at C$0.66 apiece. The company also closed a non-brokered private offering of national flow-through shares, and issued 5.3 million shares at C$0.76 each for C$4.1 million.

Brixton Metals raised C$8.96 million in total across the first two tranches of the unit offering and the FT offering. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable to buy a share until Aug. 25, 2029, at C$0.90, subject to an acceleration clause.

Proceeds from the unit offering will be used for exploration at the Langis Silver project in Ontario and for general working capital needs. Proceeds from the FT offering will be used on exploration expenses and mining expenditures.

Shares of the company closed down 2.9% to C$0.66 on Tuesday on the TSX Venture Exchange.

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