Brixton Metals Closes Strategic Investment from BHP
Brixton Metals Closes Strategic Investment from BHP
Not for distribution to United States Newswire Services or for dissemination in the United States
VANCOUVER, British Columbia, November 22, 2022 - Brixton Metals Corporation (TSX-V: BBB,
OTCQB: BBBXF) (the “Company” or “Brixton”) is delighted to announce, further to its November
2, 2022 news release, the closing of the non-brokered private placement of common shares
(“Common Shares”) in the capital of Brixton (the “Private Placement”) by BHP Investments Canada
Inc., a wholly owned subsidiary of BHP Group Limited ( “BHP”), with the goal of advancing the
Company's Thorn P roject located in Northwest British Columbia, Canada. The Thorn Project is
situated within the traditional territory of the Taku River Tlingit and Tahltan First Nations.
Pursuant to the Private Placement, BHP Investments Canada Inc. acquired 75,743,391 Common
Shares, representing 19.9% of the issued and ou tstanding Common Shares on an undiluted basis
following completion of the offering, for aggregate gross proceeds of C$13,633,810.
Concurrently with the closing of the Private Placement, Crescat Portfolio Management LLC
(“Crescat”) elected to exercise its pre-existing right to participate, on up to a pro rata basis, in equity
financings by the Company and acquired an additional 5,555,556 Common Shares for aggregate
gross proceeds of C$1,000,000.
The Private Placement is subject to final TSX Venture Exchange approval. No finder’s fee was paid
in connection with the Private Placement.
Chairman & CEO, Gary Thompson, stated, “We are excited to welcome BHP as a major shareholder
of the company and are looking forward to working with BHP in advancing the exciting Thorn Project.
We would also like to thank Crescat for their continued support of the Company as we unlock
shareholder value through drilling.”
Brixton intends to use the proceeds of the Private Placement for exploration expenditures at the
Company's Thorn Project.
Thorn Project Update
Brixton has completed the 2022 Summer Exploration Program on its wholly -owned Thorn Project
located in Northwestern British Columbia. Exploration is planned to resume in April -May 2023
pending snowpack.
The 2022 program included 58 holes for 18,200m of drilling across 4 target areas, with most of the
drilling at the Camp Creek Copper dominant porphyry, the Trapper Gold Target and to a lesser extent
the Outlaw Gold Target and the Metla Copper-Gold Target. Assays will be released as they become
available. During 2022, a total of 520 rocks and 1,157 soil samples were collected with a primary
focus on the Metla and Trapper Targets in addition to the East Copper Target and the Val Copper
Target. A total combined 1,229 line-kilometres of airborne magnetics and radiometrics were flown
over the Metla, Trapper, Val and East Targets.
For more information about the Thorn Project, please visit the following link:
https://brixtonmetals.com/thorn-gold-copper-silver-project/
Early Warning Disclosure Regarding BHP
Pursuant to the Private Placement, BHP Investments Canada Inc., a wholly owned subsidiary of
BHP, acquired 75,743,391 Common Shares at a price of C$0.18 per Common Share, representing
aggregate gross proceeds of C$13,633,810.38.
Immediately prior to the closing of the Private Placement, BHP did not beneficially ow n, directly or
indirectly, or exercise control or direction over, any Common Shares or any securities convertible
into or exercisable for Common Shares. Immediately following the closing of the Private Placement,
BHP own s, indirectly through BHP Investment Canada Inc., 75,743,391 Common Shares ,
representing 19.9% of the issued and outstanding Common Shares on a non-diluted basis.
BHP acquired the Common Shares as part of a strategic investment in Brixton. BHP intends to review
its investment in Brixton on a continuing basis and may, from time to time and at any time, and
depending on market and other conditions, acquire additional equity or debt securities or
instruments, through open market transactions, priv ate placements and other privately negotiated
transactions, or otherwise (including through exercising rights provided to BHP Investments Canada
Inc. in the Investment Agreement dated November 1, 2022 between BHP Investments Canada Inc.
and the Company (the “Investment Agreement”)), in each case, depending on a number of factors,
including general market and economic conditions and other factors and conditions BHP deems
appropriate.
The Investment Agreement also provides BHP Investments Canada Inc. with cer tain rights and
privileges, including certain participation and top-up rights to permit BHP Investments Canada Inc.
to acquire Common Shares on a pro rata basis in the future to maintain its ownership position,
prospectus qualification/registration rights, the right to require the Company to form a joint technical
advisory committee with BHP Investments Canada Inc. to provide guidance to advance Brixton’s
projects, the right to nominate either a director or an observer to Brixton’s board of directors, the right
of first offer on any transfer of all or part of the Thorn Project, the right of first refusal over any net
smelter return royalty in excess of 1% rel ating to the Thorn Project, and certain information and
access rights.
For a summary of the rights of BHP Investments Canada Inc. under the Investment Agreement, see
the material change report of Brixton dated November 4, 2022, which is available on Brixton’s
SEDAR profile at www.sedar.com.
Brixton’s head office address is 409 Granville Street, Suite 551, Vancouver, British Columbia, V6C
1T2. BHP is a corporation existing under the laws of Australia and its head office address is 171
Collins Street, Melbourne, Victoria 3000, Australia.
An early warning report will be filed by BHP under applicable Canadian securities laws and once
filed will be available on Brixton’s SEDAR profile at www.sedar.com. A copy of such report may also
be obtained from:
Victoria Wyprysky
Principal Business Development
+1 647 633 8313
Qualified Person
Mr. Gary R. Thompson, P.Geo., Chairman and CEO of Brixton, is the QP who has reviewed and
approved the technical information on this news release.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining
projects. Brixton wholly owns four exploration projects: its flagship Thorn Copper-Gold-Silver-
Molybdenum Project, the Hog Heaven Silver -Gold-Copper Project in NW Montana, USA (under
option to Ivanhoe Electric Inc. , NYSE: IE) the Atlin Goldfields Projects located in NW BC (under
option to Pacific Bay Mineral s Ltd ., TSXV: PBM) and the Langis -HudBay Silver-Cobalt-Nickel
Projects in Ontario. Brixton Metals Corporation shares trade on the TSXV under the ticker symbol
BBB, and on the OTCQB under the ticker symbol BBBXF . 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]
Neither the TSX Venture Exchange nor its 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, or other similar expressions . All statements other than statements of historical fact
included herein are forward-looking statements, including, without limitation, statements regarding potential quantity and/or
grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development
plans, and the use of proceeds of the Private Placement. By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or 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;
operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; the fact that the Private
Placement may not close as sc heduled or at all, and the additional risks identified in the annual information form of the
Company or other reports and filings with the TSXV and applicable Canadian securities 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 opinions or
other circumstances should change, except as required by applicable secu rities laws. Investors are cautioned against
attributing undue certainty to forward-looking statements.