Brixton Metals Corporation has closed the second tranche of its non-brokered private placement, raising gross proceeds of $429,000 through the issuance of 650,000 units priced at $0.66 each.

The company concurrently closed a flow-through share offering, issuing 5,332,905 flow-through shares at $0.76 per share for gross proceeds of $4,053,007.80. Across the first two tranches of both offerings, Brixton has raised a cumulative total of $8,956,654.02 in gross proceeds.

Each unit from the offering consists of one common share and one purchase warrant. The warrants allow holders to purchase an additional common share at an exercise price of $0.90 until August 25, 2029. These warrants include an accelerated expiry clause which can be triggered if company shares trade at or above $1.40 for ten consecutive trading days after a four-month statutory hold period.

Net proceeds from the unit offering will be directed toward exploration at the Langis Silver Project, located in the historic Cobalt silver mining camp of Ontario. Funds raised through the flow-through share offering are designated to incur qualifying Canadian exploration and flow-through mining expenditures. All securities issued under the second tranche are subject to a hold period expiring on December 26, 2026.

In connection with the second tranche closing, Brixton paid finders’ fees of $30,030 and issued 45,500 non-transferable finders’ warrants exercisable at $0.66 until August 25, 2029. Across both completed tranches, total finders' fees reached $155,176.56 alongside 235,116 finders' warrants.

Brixton intends to complete a final tranche of the unit offering to secure additional capital. The company is actively executing a 60,000-metre bedrock drilling campaign at the Langis project and is working toward publishing a maiden mineral resource estimate for the asset in the first half of 2027.

Read the full announcement: Brixton Metals Announces Closing Of Second Tranche Of Its Private Placement