Business
Brixton Metals Secures Strategic Investment from Rob McEwen and Hecla Mining Pursuant to a $1.4 Million Private Placement
VANCOUVER , Oct. 10, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB) (the " Company ...
About this update from Brixton Metals Corporation
[{"type":"text","content":"\n\n\nVANCOUVER, Oct. 10, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB)\n (the \"Company\" or \"Brixton\") announces that it is increasing the size of its non-brokered private\n placement financing (the \"Private Placement\") previously announced on September 19, 2013. The Private Placement now\n provides for the issuance of 12,533,106 units of the Company (the \"Units\") at a price of $0.10 per Unit, 1,460,000 flow-through shares (the \"FT Shares\") at a price of $0.10 per FT Share and 360,730 common shares (\"Shares\") at a price of $0.075 per Share for total gross proceeds of\n approximately $1,426,365. Each Unit will consist of one common share\n and one transferable common share purchase warrant (\"Warrant\") with each Warrant exercisable by the holder into one common share of\n the Company at a price of $0.15 per share for a period of 24 months\n from the closing date.\n\n\nMr. Rob McEwen, the founder and former Chairman and CEO of Goldcorp Inc.\n and founder and Chief Owner of McEwen Mining, will subscribe for\n 10,000,000 Units ($1M) of the total offering amount.\n\n\n\"We are very excited to have Mr. Rob McEwen as a shareholder of Brixton\n Metals; this is a further endorsement to Hecla's support of our Thorn\n project,\" stated Chairman and CEO, Mr. Gary R. Thompson. \"We are\n looking forward to drilling this fall as we advance the high-grade\n mineralized zones towards a defined resource.\"\n\n\nHecla Mining Company (\"Hecla\") is exercising its pre-emptive right under the Private Placement in\n order to maintain its pro-rata interest in the Company pursuant to the\n terms of an ancillary rights agreement between Brixton and Hecla dated\n February 26, 2013 (the \"Ancillary Rights Agreement\"). As a result, a wholly-owned subsidiary of Hecla will subscribe for\n 360,730 Shares at a price of $0.075 per Share and 2,483,106 Units at a\n price of $0.10 per Unit for aggregate gross proceeds of approximately\n $275,365. On closing, Hecla will own approximately 19.8% of the\n Company's issued and outstanding common shares. Pricing of the Shares\n was determined in accordance with the terms of the Ancillary Rights\n Agreement.\n\n\nAll securities issued pursuant to the Private Placement will be subject\n to a four month and one day hold period.\n\n\nThe closing date for the Private Placement will occur on October 11,\n ...