Brixton Metals closes financing raising $9 million total

Vancouver-based Brixton Metals Corporation has successfully concluded the second stage of its private placement, raising a total of $9 million. The company issued 650,000 units at $0.66 each, generating gross proceeds of $429,000. Additionally, Brixton sold 5.33 million flow-through shares at $0.76 per share, accumulating gross proceeds of $4,053,007.80.

This brings the cumulative gross proceeds from both tranches to $8,956,654.02. Each unit includes one common share and one warrant, exercisable until August 25, 2029, at $0.90 per share. The warrants incorporate an accelerated expiry provision if the share price surpasses $1.40 for ten consecutive trading days after December 26, 2026.

The funds from the unit offering will be allocated towards exploration at the Langis Silver Project and general working capital, while the flow-through offering proceeds will support Canadian exploration expenses and flow-through mining expenditures. Brixton paid finders' fees amounting to $30,030 and issued 45,500 non-transferable finders' warrants in connection with the second tranche.

Overall, finders' fees across both tranches amounted to $155,176.56, with 235,116 finders' warrants issued. These securities are subject to a hold period expiring on December 26, 2026. Brixton plans to finalize the unit offering and will disclose further details once the process is completed.