Mr. Gary Thompson reports
BRIXTON METALS ANNOUNCES CLOSING OF $1.7M PRIVATE PLACEMENT
Brixton Metals Corp. closed its previously announced private placement on Nov. 6, 2019, of common shares and flow-through common shares of the company for gross proceeds of $1,697,079.92 through the issuance of 6,987,833 flow-through shares of the company at 24 cents per flow-through share and 100,000 common shares of the company at 20 cents per common share to investors in Canada, conditionally approved by TSX Venture Exchange.
As consideration for the services provided to the company by certain finders in connection with the private placement, the company shall pay a finders' fee of 7.0 per cent of the gross proceeds received from the sale of the securities in the private placement payable in cash and common share purchase warrants, equal in number to 7.0 per cent of the number of securities sold to persons introduced to the company by the finders, with each finder warrant entitling the finder to acquire a common share for a period of 24 months from closing, at a price of 24 cents per finder warrant share. The total finders' fees in aggregate are $117,115.59 and a total of 489,147 finders' warrants. Finders in connection with the private placement included Red Cloud Securities, Mine Equities Ltd., Leede Jones Gable Inc., Canaccord Genuity Corp., EMD Financial Inc. and Accilent Capital Management Inc.
Chairman and chief executive officer of Brixton Metals Gary R. Thompson stated, "With this additional financing complete the company will be in a strong position moving into 2020, allowing us to advance select high-impact projects."
The proceeds from the private placement will be used for exploration activities on the company's projects in Canada. The securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day expiring from the closing date of the private placement. The company may close additional tranches of FT shares if market interest and demand materializes.
About Brixton Metals Corp.
Brixton is a Canadian exploration and development company focused on the advancement of its gold, copper and silver projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver and the Atlin goldfields projects located in northwest British Columbia, the Langis-Hudson Bay silver-cobalt project in Ontario, and the Hog Heaven silver-gold-copper project in northwest Montana, United States.
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