VANCOUVER, BC--(Marketwired - June 22, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
Brixton Metals Corporation (TSX VENTURE: BBB) (the "Company" or "Brixton") is pleased to announce that it has closed its previously announced and over-subscribed non-brokered private placement financing (the "Private Placement"). The Private Placement consisted of the sale of 6,267,283 units ("Units") at a price of $0.30 per Unit and 1,272,166 flow-through shares of Brixton (the "FT Shares") at a price of $0.33 per FT Share for aggregate gross proceeds of $2.3 million. Each Unit consists of one common share and one common share purchase warrant with each warrant exercisable by the holder into one common share of the Company at a price of $0.50 per share for a period of 24 months from the closing date.
The proceeds from the Private Placement will be used to fund exploration activities at the Company's Langis and Thorn properties as well as for general and administrative expenses.
The Company paid finders' fees totalling approximately $130,000 in cash and issued 422,104 finders' warrants in accordance with the policies of the TSX Venture Exchange ("TSXV"), subject to TSXV approval. All securities issued are subject to a four month hold period.
About Brixton Metals Corporation
Brixton is an exploration company focused on the advancement of its projects toward feasibility. Brixton wholly owns two exploration projects, the Langis Silver project and the Thorn project.
The Langis project, including other lands in the Cobalt Camp is 2,520 hectare in size. The project is located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman Member sediments and Nipissing diabase. The unmined Langis zone intersected by drilling: 2,115.04 g/t over 9.4 metres and 1,262.80 g/t Ag over 3.9 metres. This area will be the focus for follow up exploration work. According to historical Langis reports, the zone was traced to over 1,000 metres along strike and a vertical extent of 260 metres with true thickness being unknown. The Cobalt camp historically has produced over 420 million ounces of silver with some reported assays reaching 255,146 g/t Ag or 9,000 oz/t Ag over 0.36 metres. http://brixtonmetals.com/langis-mine/
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. The Thorn project hosts a district scale Triassic to Cretaceous volcanoplutonic complex with several styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted gold, high-grade Ag-Au-Pb-Zn bearing diatreme-breccia zones, high-grade Au-Ag-Cu veins and volcanic hosted structurally controlled gold-silver zones. Brixton has established a maiden inferred resource of 21.5Moz AgEq from 7.4 Mt at 89.75 g/t AgEq. Further information regarding the Thorn Project, including that relating to resource estimates, can be found in the Company's technical report prepared by SRK Consulting for the Thorn Project dated December 12, 2014 and filed on SEDAR. Read more at http://brixtonmetals.com/thorn-technical-reports/
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
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, including 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 historical fact included herein including, without limitation, final approval for the Private Placement from the TSX Venture Exchange, use of proceeds and the exploration potential of the Langis property based on historical information, 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, 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; 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 securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.