Brixton Metals Announces Brokered Financing of $4 Million led by Gravitas Securities Inc.
Brixton Metals Announces Brokered Financing of $4 Million led by Gravitas
Securities Inc.
February 24, 2017 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “ Brixton”) is
pleased to announce that it has entered into a letter agreement with Gravitas Securities Inc. (the
“Agent”), with a syndicate of agents, in connection with a best efforts private placement offering
of up to $ 4.0 million (the “ Private Placement ”). The Private Placement will consist of any
combination of units (“ Units”) to be issued at a price of $0. 50 per Unit and common shares
issued on a ‘flow through’ basis under the Income Tax Act (Canada) (the “FT Shares”) at a
price of $0. 55 per FT Share . Each Unit will consist of one common share and one common
share purchase warrant ( “Warrant”) with each Warrant exercisable by the holder into one
common share of the Company at a price of $ 0.70 per share for a period of 24 months from the
closing date.
The closing date for the Private Placement is scheduled to occur on or about March 31, 2017
(the “Closing Date”). In consideration of the Agent’s services, the Company has agreed to pay
the Agent a cash commission of 8.0% of the gross proceeds of the Private Placement. The
Agent will also receive broker warrants (the " Broker Warrants") equal to 8.0% of the securities
sold pursuant to the Private Placement. Each Broker Warrant entitles the holder to acquire one
common, non-flow-through, share of the Com pany at a price of $ 0.50 until the date that is 36
months from the closing of the Private Placement. The Company has also granted the Agent the
option to offer for sale up to an additional $1,000,000 in Units and FT Shares.
The proceeds from the Private Placement will be used to advance the Thorn gold-silver project
and the Langis silver project and for general working capital. All securities issued pursuant to
this Private Placement will be subject to a four month and one day hold period . The Private
Placement is subject to acceptance by the TSX Venture Exchange (the “Exchange”).
The Company may issue securities under the Private Placement in accordance with the
provisions of applicable prospectus exemptions available to existing security holders, if there is
interest. Any existing shareholders of the Company interested in participating in the Private
Placement should contact the Company using the contact information below. The Private
Placement is not subject to a minimum and the Compan y will provide an update on its intended
use of proceeds, including approximate amounts, once subscriptions are confirmed.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its
gold and silver projects toward feasibility.
Brixton wholly owns 2 past producers of high-grade silver within the Silver-Cobalt Camp of
Ontario. The Langis mine produced 10.4Moz of silver at 25 oz/t Ag and 358,340 pounds of
cobalt, the Hudson Bay mine produced 6.4Moz of silver at 123 oz/t. The projects are located
500 km north of Toronto, Canada. The high-grade silver mineralization occurs as moderate-
steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman
Member sediments and Nipissing diabase.
The 996 SQ/KM, wholly owned Thorn Project is located in northwestern British Columbia,
Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale
gold-silver (30km trend) associated with Triassic to Cretaceous volcano-plutonic complex. Many
styles of mineralization have been identified related to porphyry and epithermal environments.
Targets include high-grade gold-silver underground targets and large-scale open pit gold type
targets.
Brixton Metals Corporation shares trade on the TSX -V under the ticker symbol BBB. For more
information about Brixton please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
Tel: 604-630-9707 or email: [email protected]
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
Neither the TSX Venture Exchange nor it s Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Information set forth in this news release may involve forward -looking statements under applicable
securities laws. Forward -looking statements are statements that relate to future, not past, events. In this
context, forward-looking statements often address expected future business and financial performance,
and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend",
statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, inc luding
statements that address potential quantity and/or grade of minerals, potential size and expansion of a
mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All
statements, other than statements of his torical fact included herein including, without limitation, the
anticipated closing of the Private Placement , TSXV approval, the proposed use of proceeds from the
Private Placement, the exploration potential of the Langis property based on historical infor mation,
resources estimates on the Thorn Project are forward looking statements. By their nature, forward -looking
statements involve known and unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements, o r other future events, to be materially different from any future
results, performance or achievements expressed or implied by such forward -looking statements. Such
factors include, among others, the following risks: the need for additional financing; oper ational risks
associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks
identified in the annual information form of the Company or other reports and filings with the TSXV and
applicable Canadian securit ies regulators. Forward -looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made and the Company
undertakes no obligation to update forward -looking statements if these beliefs, estimates and opi nions or
other circumstances should change, except as required by applicable securities laws. Investors are
cautioned against attributing undue certainty to forward-looking statements.