VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2014) - Brixton Metals Corporation (TSX VENTURE:BBB) (the "Company" or "Brixton") is pleased to announce that further to its press release dated May 8, 2014, the Company has received final approval by the TSX Venture Exchange (the "TSXV") for the consolidation of the fully paid and issued common shares of the Company on the basis of one (1) post-consolidation common share for each ten (10) pre-consolidation common shares issued and outstanding (the "Consolidation"). The Consolidation was previously approved by the Company's shareholders at the Company's annual general and special meeting held on May 6, 2014 (the "Annual Meeting").
The Company's common shares will begin trading on a post-consolidation basis under the same trading symbol on the TSXV at market open on May 23, 2014. Following the Consolidation, the Company's issued and outstanding common shares will be reduced to approximately 11,490,876 common shares. No fractional shares will be issued. Any fractions of a share will be rounded to the nearest whole number of common shares, all as particularly described in the Company's management information circular dated March 27, 2014 (the "Information Circular") relating to the Annual Meeting. A copy of the Information Circular is available under the Company's profile on SEDAR at www.sedar.com and also on the Company's website at www.brixtonmetals.com/2014-agm-materials/.
The Consolidation will not change a shareholder's proportionate ownership in the Company or the rights of holders of common shares. Each common share outstanding after the Consolidation will be entitled to one vote and will be fully paid and non-assessable.
Chairman and CEO of Brixton, Gary R. Thompson stated "The Consolidation is a necessary step to improving the Company's structure for new capital investment. The Company is in a strong position, relative to its peers, with greater than 60 percent of its shares held by long-term strategic investors. Our goal is to position Brixton with very attractive assets to meet the anticipated strength in future demand for precious metals." Mr. Thompson further added "Drilling at the Company's Thorn project is expected to begin the first week of June. Project updates will continue during summer through winter".
In addition, as previously disclosed in the Company's press release dated May 8, 2014, the Company has cancelled all stock options issued pursuant to the Company's stock option plan. The Company will not be issuing new options until deemed appropriate by the board of directors.
About Brixton Metals
Brixton is an exploration company focused on the advancement of high-grade precious metal assets to feasibility. Brixton's Thorn project hosts a district scale Triassic to Cretaceous volcanoplutonic complex with several styles of mineralization related to porphyry and epithermal environments. Targets include high-grade silver-gold-lead-zinc-bearing diatreme-breccia zones, high-grade gold-silver-copper veins, porphyry copper-gold-silver and intrusion to sedimentary hosted gold. The 28,000-hectare Thorn Project is located in the Sutlahine River area of Northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK.
Brixton Metals Corporation shares trade on the TSXV 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
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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 including, without limitation; statements about the Company's proposed transactions and stock option plan 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, 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; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our most recent interim and annual financial statements 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 securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.