Brixton Metals Corporation (TSXV: BBB | OTCQB: BBBXF) has closed the second tranche of a non-brokered private placement for aggregate proceeds of C$2,631,843, consisting of 19,495,135 units at a price of C$0.135.
Each unit will consist of one common share and one common share purchase warrant, each warrant being exercisable for an additional common share of the company for C$0.20 for 24 months from the date of issuance of the units.
The company says the net proceeds from the second tranche will be used to fund ongoing Thorn Copper-Gold Project exploration expenditures, and for working capital and general corporate purposes.
Crescat Portfolio Management
Brixton’s current largest shareholder, Crescat Portfolio Management LLC, was issued an aggregate of 11,111,112 units, which resulted in the creation of a new “insider” as defined in applicable securities legislation. The TSX Venture Exchange provided its approval for this subscription on 13 September 2022.
Upon completion of the second tranche private placement, Crescat exercises control or direction over an aggregate of 34,018,451 shares of the company, representing 11.69% of the company’s issued and outstanding shares, and owns warrants entitling the purchase of an aggregate 16,993,465 common shares in the capital of the company; or assuming the exercise of the warrants a total of 51,011,916 common shares of the company or approximately 16.57% on a post conversion beneficial ownership basis.
Correction issued
Furthermore, the company wishes to correct a reference in its 1 September 2022 news release regarding the issuance of broker warrants in connection with the closing of the first tranche of the offering on 1 September 2022.
Brixton issued 759,378 (instead of 1,322,958 as announced) broker warrants exercisable at a price of C$0.16 for 24 months from the date of issuance in connection with the closing of the first tranche private placement. In addition, in connection with the closing of the first tranche private placement, the company has today issued an additional 563,580 broker warrants to Accilent Capital Management Inc. exercisable at a price of C$0.16 for 24 months from the date of issuance.
In connection with the closing of the second tranche private placement, Brixton issued an aggregate 1,077,819 broker warrants exercisable at a price of C$0.135 for 24 months from the date of issuance, and paid cash finders’ fees in the amount of C$147,005.61 to arms’ length finders.
The combined proceeds of the first and second tranche private placement amounts to C$6,145,381.23.
To find out more, visit: https://brixtonmetals.com/
