Non-brokered deal funds acquisition, exploration and working capital
By Devika Patel
Knoxville, Tenn., April 8 – Brixton Metals Corp. said it settled the first tranche of its non-brokered private placement of stock and units, raising C$1,023,300. The deal priced Jan. 11 and was increased to C$1 million from C$400,000 on Feb. 25. The offering has since been increased once again to C$1.15 million.
The company is selling flow-through common shares at C$0.10 apiece as well as units of one common share and one warrant at C$0.10 per unit. Each warrant is exercisable at C$0.15 for three years.
The warrant strike price represents a 66.67% premium to C$0.09, the Jan. 8 closing share price. The price per share is an 11.11% premium to that price.
In the first tranche, Brixton sold 4 million shares and 6,233,000 units. Robert McEwen and CMP 2016 Resource LP each bought 2.5 million units.
Settlement of the second and final tranche is expected by April 29.
Proceeds will be used to acquire the Langis property from Canagco Mining Corp. and for exploration and general working capital.
The gold, silver and copper exploration company is based in Vancouver, B.C.
| Issuer: | Brixton Metals Corp.
|
| Issue: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$1.15 million
|
| Price: | C$0.10
|
| Agent: | Non-brokered
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| Investors: | Robert McEwen (for C$250,000) and CMP 2016 Resource LP (for C$250,000)
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| Pricing date: | Jan. 11
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| Upsized: | Feb. 25, April 8
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| Settlement dates: | April 8 (for C$1,023,300), April 29
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| Stock symbol: | TSX Venture: BBB
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| Stock price: | C$0.09 at close Jan. 8
|
| Market capitalization: | C$1.26 million
|
|
|
| Shares
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| Warrants: | No
|
|
|
| Units
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.15
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