Brixton Metals drops plans for C$3 million private placement of stock

Company cancels deal led by Euro Pacific, Fraser; assesses options

By Susanna Moon

Chicago, Feb. 24 - Brixton Metals Corp. said it scrapped its plans for a C$3 million private placement of stock via a syndicate of agents led by Euro Pacific Canada Inc. and Fraser Mackenzie Ltd. The deal was announced on Feb. 1.

The company terminated its agreement with agents and is "assessing alternatives to complete its previously announced private placement," according to a press release.

The company had planned to sell 14,285,715 flow-through shares at C$0.21 per share on a best-efforts basis. The price per share reflected a 20% premium to the Jan. 31 closing share price of C$0.175.

Proceeds were to be used for exploration.

The gold, silver and copper exploration company is based in Vancouver, B.C.

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