The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Brixton Metals Corp. April 7 reported the closing of the first tranche of a non-brokered private placement financing consisting of 6,233,000 units for C10 cents each and 4 million flow-through shares at C10 cents each for aggregate gross proceeds of C$1,023,300.
Each unit consists of one common share and one transferable purchase warrant exercisable into one common share of the company at a price of C15 cents per share for a period of 36 months from the closing date.
Robert McEwen (Evanachan Ltd.) and CMP 2016 Resource Limited Partnership have subscribed for 2.5 million units and 2.5 million flow-through shares, respectively.
After the share issuances are completed, Brixton will have 25,589,926 shares outstanding on an undiluted basis.
McEwen becomes Brixton's largest shareholder holding 13.7 percent; CMP holds 9.7 percent; Hecla Mining holds 8.8 percent; and management and directors collectively hold 15.8 percent of Brixton shares.
The offering shall remain open for a second closing until April 29.
The proceeds will be used to fund exploration activities at Brixton's Langis high-grade silver project in Ontario and Thorn gold-silver project in northern British Columbia, as well as for general corporate and administrative expenses.
Finders' fees of C$10,700 in cash, 157,200 in common shares and 439,200 of warrants were paid by the company.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
Reader Comments(0)