Business
Brixton Metals Announces Closing of the Strategic Investment from Hecla and its 100% Thorn Acquisition
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES/ ...
About this update from Brixton Metals Corporation
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S.\n NEWSWIRE SERVICES/\n\n\nVANCOUVER, Feb. 26, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB)\n (the \"Company\" or \"Brixton\") is pleased to announce that, further to the Company's news releases\n of February 1, 2013 and February 21, 2013, it has completed its\n acquisition of 100% interest in the Thorn property (the \"Thorn Property\") from Rimfire Minerals Corporation (the \"Acquisition\"), a subsidiary of Kiska Metals Corporation, and has closed its equity\n financing pursuant to which a wholly-owned subsidiary of Hecla Mining\n Company (\"Hecla\") acquired 17,250,000 common shares of the Company (the \"Shares\") at a price of $0.15 per share for total gross proceeds of $2,587,500\n (the \"Financing\").\n\n\nMr. Gary R. Thompson, Chairman and CEO stated, \"We are delighted to have\n completed these two significant milestones and look forward to the 2013\n exploration season, where we anticipate another successful year at the\n Thorn project.\"\n\n\nPursuant to the terms of an ancillary rights agreement, Hecla has been\n granted various rights, exercisable for so long as Hecla holds at least\n a 10.0% interest in Brixton (calculated in accordance with that\n agreement). These rights include: (a) a right to nominate one person to\n Brixton's Board of Directors, (b) a right to nominate one person to a\n technical committee, to be established to design and execute the\n Company's exploration programs at the Thorn Property, and (c) a\n pre-emptive right to participate in any future proposed equity offering\n of Brixton in order to maintain its pro rata interest at 19.8%. Pursuant to the terms of the ancillary rights\n agreement, Hecla has also agreed to a voting agreement whereby Hecla\n will vote all Shares held by it in favour of management's proposals on\n matters of routine business for a period of 12 months from the closing\n date of the Financing.\n\n\nAll securities issued in the Financing will be subject to a statutory\n four month and one day hold period.  Proceeds from this Financing were\n used to complete the Acquisition and the remaining balance will be used\n for further exploration at the Thorn Property during the upcoming field\n season and general corporate and administrative purposes. The shares\n issued to Kiska are escrowe...