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Brixton Metals Announces $1.0 million Financing

April 10, 2012 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) announces a non-brokered private placement financing (the “Private Placement”). The Private Placement provides for the issuance of up to 3,571,429 units (“Units”) at a price of $0.14 per Unit and up to 2,941,177 flow-through shares of Brixton (the “FT Shares”) at a price of $0.17 per FT Share for aggregate gross proceeds of up to $1,000,000. Each Unit consists of one common share and one-half of one transferable common share purchase warrant (each whole warrant, a “Warrant”) with each Warrant exercisable by the holder into one common share of the Company at a price of $0.24 per share for a period of 24 months from the closing date.

All securities issued pursuant to this Private Placement will be subject to a four month and one day hold period. The Private Placement is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals. In the event that the Company’s common shares trade at a closing price on the TSX Venture Exchange of greater than $0.30 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

The closing date for the Private Placement is scheduled to occur on or about April 27, 2012.  The proceeds from the Private Placement will be used to fund exploration activities at the Company’s Thorn property. Exploration will focus on the Oban Breccia Zone and the area around drill hole THN11-60. Hole 60 which was drilled during the Company’s 2011 drill program returned 95 metres of 628 g/t Ag, 1.71 g/t Au, 3.31% Pb and 2.29% Zn and 0.12% Cu including 9.25 metres of 2,984 g/t Ag, 3.04 g/t Au, 0.53% Cu, 11.65% Pb and 3.42% Zn (as previously stated in the News Release dated January 5th 2012).  The Company may pay a finders’ fee in respect of certain subscribers in accordance with the policies of the TSX Venture Exchange.

About Brixton Metals Corporation

Brixton is an exploration company engaged in the acquisition and exploration of precious metal assets and advancing them to feasibility. The Thorn Project is Brixton’s flagship property and is centered on silver-gold-copper-lead-zinc-bearing breccia zones, high-grade veins and porphyry targets. The Thorn property is located in northwestern British Columbia, Canada, about 50 km from the past producing Golden Bear Mine and 130 km southwest from the village of Atlin, BC. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. For more information about Brixton please visit our website at www.brixtonmetals.com.

On Behalf of the Board of Directors

Mr. Gary R. Thompson, Chairman and CEO,

Tel: 604-630-9707

 

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the closing date, use of proceeds and exercise of the Company’s option agreement, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX  Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Excelsior undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.