Brixton Metals is targeting up to $5 million in gross proceeds through a non-brokered private placement of 7,575,757 units. Each unit is priced at $0.66 and comprises one common share and one warrant. These warrants allow holders to acquire an additional common share at an exercise price of $0.90 for a period of three years from the closing date.

The terms of the offering include an accelerated expiry provision for the warrants. If the company’s common share price trades at or above $1.40 for 10 consecutive trading days, Brixton may elect to accelerate the expiry. Should this occur, holders will have 10 days to exercise their warrants following an official company announcement.

“The net proceeds from the Offering will be used for exploration at the Langis Silver Project and for general working capital purposes.”

— Mr. Gary R. Thompson, Chairman and CEO

The capital raise remains conditional, with the final closing subject to several requirements including the receipt of all necessary regulatory approvals and the conditional listing approval of the TSX Venture Exchange. Securities issued through this placement will be subject to a statutory hold period in Canada, expiring four months and one day after the closing date.

Brixton has indicated that company insiders may participate in the offering. Additionally, the company may pay finder’s fees to eligible parties who introduce subscribers to the transaction, with the final amounts for these fees yet to be determined.

The company intends to direct the net proceeds toward an upcoming exploration program at the Langis Silver Project as well as for general working capital needs. The timing for the completion of the financing remains dependent on the necessary regulatory processes, including the final approval from the TSXV and applicable securities authorities.

Read the full announcement: Brixton Metals Announces Non-Brokered Private Placement of up to $5 Million