Brixton Metal (BBB-V) increases financing to $1.42-million, Mr. Rob McEwen, the founder and former Chairman and CEO of Goldcorp Inc. and founder and Chief Owner of McEwen Mining, will subscribe for 10,000,000 Units ($1M) of the total offering amount.
Oct 10, 2013 - News Release
Brixton Metals Corp. is increasing the size of its non-brokered private placement financing previously announced on Sept. 19, 2013. The Private Placement now provides for the issuance of 12,533,106 units of the Company (the "Units") at a price of $0.10 per Unit, 1,460,000 flow-through shares (the "FT Shares") at a price of $0.10 per FT Share and 360,730 common shares ("Shares") at a price of $0.075 per Share for total gross proceeds of approximately $1,426,365. Each Unit will consist of one common share and one transferable common share purchase warrant ("Warrant") with each Warrant exercisable by the holder into one common share of the Company at a price of $0.15 per share for a period of 24 months from the closing date. Mr. Rob McEwen, the founder and former Chairman and CEO of Goldcorp Inc. and founder and Chief Owner of McEwen Mining, will subscribe for 10,000,000 Units ($1M) of the total offering amount.
"We are very excited to have Mr. Rob McEwen as a shareholder of Brixton Metals; this is a further endorsement to Hecla's support of our Thorn project," stated Chairman and CEO, Mr. Gary R. Thompson. "We are looking forward to drilling this fall as we advance the high-grade mineralized zones towards a defined resource."
Hecla Mining Company ("Hecla") is exercising its pre-emptive right under the Private Placement in order to maintain its pro-rata interest in the Company pursuant to the terms of an ancillary rights agreement between Brixton and Hecla dated February 26, 2013 (the "Ancillary Rights Agreement"). As a result, a wholly-owned subsidiary of Hecla will subscribe for 360,730 Shares at a price of $0.075 per Share and 2,483,106 Units at a price of $0.10 per Unit for aggregate gross proceeds of approximately $275,365. On closing, Hecla will own approximately 19.8% of the Company's issued and outstanding common shares. Pricing of the Shares was determined in accordance with the terms of the Ancillary Rights Agreement.
All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period.
The closing date for the Private Placement will occur on October 11, 2013, or such later date as may be required. The proceeds from the Private Placement will be used to fund exploration activities at the Company's Thorn property and general working capital. On closing, finder's fees totalling $70,000 in cash and 700,000non-transferable finder's warrants will be paid and issued in accordance with the policies of the TSX Venture Exchange.
We seek Safe Harbor. |
