Brixton Metals Announces $4,000,000 Private Placement

About this update from Brixton Metals Corporation

[{"type":"text","content":" VANCOUVER, British Columbia, July 24, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corp. (the \"Company\") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce a non-brokered private placement of a combination of units and flow-through shares of the Company for gross proceeds of up to C$4,000,000 (the \"Offering\"). Each unit (a “Unit”) is being offered at a price of C$0.25 and will be comprised of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each flow-through share (a “FT Share”) is being offered at a price of C$0.28 and will be comprised of one common flow-through share of the Company.  Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of C$0.35 for a period of 36 months from the date of closing of the Offering. 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 Offered Securities 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. The net proceeds from the private placement of Units and the gross proceeds from the private placement of FT Shares shall be primarily used for exploration activities and for general working capital purposes. The closing of the Offering is expected to occur on or about August 12, 2020 and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange (the “TSXV”). The Units and FT Shares, including all underlying securities thereof, and any finders warrants issued with respect to the Offering, will be subject to a hold period of four months and one day in accordance with applicable securities laws.  Red Cloud Securities Inc. is acting as a finder in connection with the Offering. This news release does not constitute an offer of securities for sale in the United States. The securities being off...

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