Business
Brixton Metals Announces First Closing of $3.5 Million of its Aggregate $5.25 Million Private Placement Financing
VANCOUVER, British Columbia, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) announces tha
About this update from Brixton Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) announces that, subject to final approval of the TSX Venture Exchange, the Company has closed the first tranche of a non-brokered private placement for combined aggregate proceeds of $3,513,538.00 (“First Tranche Private Placement”) broken down as follows: a) $3,436,048.00 through the issuance of 21,475,300 “flow-through” units (“FT Units”) at a price of $0.16 per FT Unit. Each FT Unit will consist of one common share and one half (1/2) of a common share purchase warrant, each whole warrant being exercisable for an additional common share of the Company for $0.20 for 24 months from the date of issuance of the FT Units. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with the provisions of the Income Tax Act (Canada) (the “Tax Act”); and b) $77,490.00 through the issuance of 574,000 units (“Units”) at a price of $0.135. Each Unit will consist of one common share and one common share purchase warrant, each whole warrant being exercisable for an additional common share of the Company for $0.20 for 24 months from the date of issuance of the Units. Brixton’s current largest shareholder, Crescat Capital, has subscribed for an aggregate of 11,111,112 Units, which will constitute part of the second tranche of the Offering. Crescat Capital’s subscription is subject to final acceptance of the TSX Venture Exchange, as Crescat Capital will constitute a new “insider” as defined in applicable securities legislation, of Brixton upon completion of the second tranche of the private placement. In connection with the closing of the First Tranche Private Placement, the Company issued 1,322,958 broker warrants exercisable at a price of $0.16 for 24 months from the date of issuance and paid cash finders’ fees in the aggregate amount of $210,812.28 to GloRes Securities Inc. and Accilent Capital Management Inc. The First Tranche Private Placement forms a part of a larger offering for an aggregate total of up to $5,250,000.00 (the “Offering”) (and Company reserves the option to increase the size of its Offering of Units by up to 20% subject to regulatory approval). The Offering will be comprised of a combination of traditional Units and FT ...