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Brixton Metals Announces Oversubscribed Second and Final Closing of $2,631,843 for an Aggregate $6,145,381 Private Placement Financing with Lead Order from Crescat Capital
VANCOUVER, British Columbia, Sept. 15, 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. 15, 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 “Exchange”), the Company has closed the second tranche of a non-brokered private placement for aggregate proceeds of $2,631,843.23 (“Second Tranche Private Placement”) consisting of 19,495,135 units (“Units”) at a price of $0.135. Each Unit will consist of one common share and one common share purchase warrant, each 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 Portfolio Management LLC (“Crescat”), was issued an aggregate of 11,111,112 Units, which resulted in the creation of a new “insider” as defined in applicable securities legislation. The Exchange provided its approval for this subscription on September 13, 2022. Upon completion of the Second Tranche Private Placement, Crescat exercises control or direction over an aggregate of 34,018,451 shares of the Company, representing 11.69% of the Company’s issued and outstanding shares, and owns warrants entitling the purchase of an aggregate 16,993,465 common shares in the capital of the Company; or assuming the exercise of the warrants a total of 51,011,916 common shares of the Company or approximately 16.57% on a post conversion beneficial ownership basis. The Company wishes to correct a reference in its September 1, 2022 news release regarding the issuance of broker warrants in connection with the closing of the first tranche of the Offering on September 1, 2022 (the “First Tranche Private Placement”). The Company issued 759,378 (instead of 1,322,958 as announced) broker warrants exercisable at a price of $0.16 for 24 months from the date of issuance in connection with the closing of the First Tranche Private Placement. In addition, in connection with the closing of the First Tranche Private Placement, the Company has today issued an additional 563,580 broker warrants to Accilent Capital Management Inc. exercisable at a price of $0.16 for 24 months from the date of issuance. In connection with the closing of the Second Tranche Private Placement, the Company issued an aggregate 1,077,819 broker warrants exercisabl...