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Brixton Metals Announces Closing of Second Tranche of Private Placement
VANCOUVER, British Columbia, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (the "Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce that
About this update from Brixton Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (the \"Company\") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce that it has closed a second tranche of a non-brokered private placement of flow-through common shares of the Company for gross proceeds of C$504,000 (the \"Private Placement\"). Each flow-through share (a “FT Share”) was issued at a price of C$0.36 and is comprised of one common flow-through share of the Company. The Company issued a total of 1,400,000 FT Shares pursuant to the Private Placement. Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “Brixton is pleased to see the continued support of the company, and it is encouraging to end 2020 with a healthy budget for 2021. With Brixton’s near-term catalysts aligning with a positive outlook for the metals market, we are excited to advance our high-impact Cu-Au-Ag projects towards resource definition.” The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”), which will be renounced to the subscribers with an effective date no later than December 31, 2020 to the initial purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares, as applicable, and, if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Shares subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed. Finders acting in connection with the closing of this Private Placement received finder’s fees in the aggregate total amount of $30,240 and were issued an aggregate of 84,000 finder’s warrants. Each finder’s warrant is exercisable for one common share of the Company at an exercise price of $0.36 for a period of 24 months from the date of closing of the Private Placement. The FT Shares and any finders warrants, including all underlying securities thereof, issued with respect to the Private Placement, will be subject to a hold period of four months and one day in accordance with applicable securities laws and the policies of the TSX Venture Exchange (“TSX-V”). In addition to the flow-through financing, a total of 5,486,...