Brixton Metals closes $1.8M 1st tranche of financing

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By CPE News

Vancouver (pcJ News Briefs) – Brixton Metals Corporation (TSX-V: BBB) closed its previously announced private placement of 2,776,800 units at $0.50 per unit and 711,200 flow through (FT) common shares at $0.55 per FT share for aggregate gross proceeds of approximately $1.8 million.

The private placement was brokered by Gravitas Securities Inc. and Red Cloud Klondike Strike Inc. and the private placement included a non-brokered component that completed concurrently.

Each unit consists of one common share and one common share purchase warrant with each warrant exercisable by the holder into one common share at a price of $0.70 per share for a period of 24 months from the closing date.

Brixton Metals intends to use the net proceeds to advance its Thorn project and its Langis project, and for general working capital.

Brixton Metals intends to close another tranche by the end of April 2017.

Brixton Metals wholly owns 2 past producers of high-grade silver within the Silver-Cobalt Camp of Ontario.

photo credit: Brixton Metals