Business
Brixton Metals Receives Additional Strategic Investment from Hecla Mining
VANCOUVER , June 25, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB) (the " Company ...
About this update from Brixton Metals Corporation
[{"type":"text","content":"\n\n\nVANCOUVER, June 25, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB)\n (the \"Company\" or \"Brixton\") announces that Hecla Mining Company (\"Hecla\") is exercising its pre-emptive right to maintain its pro-rata interest\n in the Company (the \"Transaction\") pursuant to the terms of an ancillary rights agreement between\n Brixton and Hecla dated February 26, 2013 (the \"Ancillary Rights Agreement\"). As a result, a wholly-owned subsidiary of Hecla will subscribe for\n 1,700,000 common shares (\"Shares\") of Brixton at a price of $0.18 per Share and 450,000 Shares at a\n price of $0.16 per Share for aggregate gross proceeds of approximately\n $378,000. On closing, Hecla will own approximately 19.8% of the\n Company's issued and outstanding common shares.\n\n\nPricing of the Shares was determined in accordance with the terms of an\n Ancillary Rights Agreement. All securities issued pursuant to the\n Transaction will be subject to a four month and one day hold period.\n\n\nThe closing date of the Transaction will occur on June 26, 2013, or such\n other date as may be required. The proceeds from the Transaction will\n be used for general corporate and administrative purposes.\n\n\nAbout Brixton Metals Corporation and the Thorn Project\n\n\nBrixton Metals is an exploration company focused on the advancement of\n high-grade precious metal assets to feasibility. The primary focus at\n the Thorn project is high-grade silver-gold-lead-zinc bearing\n diatreme-breccia zones and high-grade gold-silver-copper veins.\n Secondary targets include porphyry, skarn, replacement, and bulk\n tonnage gold targets. The Thorn project covers a Cretaceous\n volcanic-porphyry complex that shares many similarities with other high\n sulphidation deposits around the world such as Lepanto-FSE in the\n Philippines, Penasquito in Mexico and El Indio in Chile. The\n 27,000-hectare Thorn Project is located in the Sutlahine River area of\n Northwestern British Columbia, Canada, approximately 40km from\n Chieftain's Tulsequah Chief mine development.\n\n\nBrixton Metals Corporation shares trade on the TSX-V under the ticker\n symbol BBB. For more information about Brixton please visit our website\n at www.brixtonmetals.com.\n\n\nOn Behalf of the Board of Directors\n\n\nMr. Gary R. Thompson, Chairman and CEO,\n\n\nTel: 604-630-9707\n\n\nNOT FOR DISSEMINATI...