VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) -
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 the results of its annual general and special meeting ("Annual Meeting") held on May 6, 2014 in Vancouver, British Columbia and to provide a project update. Gary R. Thompson, Cale Moodie, George Salamis, Jim Defer and Don Poirier were elected to the Company's board of directors. The Company's shareholders also re-appointed KPMG, Chartered Accountants as auditors for the coming year and re-approved the Company's stock option plan.
At the Annual Meeting, the Company's shareholders approved the Company's proposal to authorize the board of directors to consolidate the common shares of the Company at a ratio of up to ten (10) pre-consolidated common shares for one (1) post-consolidation common share (the "Consolidation"). The Company currently holds $2.1 million in cash as of May 07, 2014. Due to market conditions short term shareholders have put extreme selling pressure on the Company's stock, in spite of continued positive news flow from the Company. As a result of this overselling of the Company's stock and now very low share price, management and the board of directors of the Company believe that a Consolidation is in the best interests of the Company and its shareholders. A consolidation will allow the Company flexibility to complete future financings as the board deems necessary, however the Company is not seeking to raise capital at this time.
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. As at the date of the Annual Meeting, the Company had 114,908,757 common shares issued and outstanding. After giving effect to the proposed Consolidation, there will be approximately 11,490,875 common shares issued and outstanding. The Company will also be cancelling all outstanding stock options and will not be issuing new options until deemed appropriate by the board of directors.
The Consolidation remains subject to TSX-V approval. Further details regarding the Consolidation are contained in the Company's 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.
Brixton Metals' 2014 Exploration Plan
The Company has appointed SRK Consulting (Canada) Inc. to complete an initial National Instrument 43-101 estimate on the combined zones, Oban, Talisker and Glenfiddich at its Thorn project and expects this estimate to be released in 2014.
Brixton is actively seeking to acquire a potential large scale gold/silver project in Nevada or Utah in 2014 to offset the seasonality factor at its Thorn project.
The Company anticipates having crews mobilized to its Thorn camp by early June, 2014. The objective of the program at Thorn during the phase 1 2014 program is the following:
- Drill test the large gold in soils anomaly at the Outlaw zone
- Drill test for extension to high-grade Ag-Au-Cu veins at the Glenfiddich zone
- Collect core samples for specific gravity measurements
- Establish an initial resource base at the Oban, Talisker and Glenfiddich zones
Mr. Sorin Posescu, P.Geo., VP Exploration, is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved the technical information in this news release.
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 and intrusion related 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 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, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the Company's 2014 exploration program and proposed transactions 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 interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange 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.