May 10, 2016 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) announces a non-brokered private placement financing (the “Private Placement”) of up to $2,000,000 through the issuance of any combination of units (“Units”) and flow-through shares (the “FT Shares”) with an option to increase by 15%. The Units will be priced at $0.30 per Unit and the FT Shares will be priced at $0.33 per FT Share. 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 $0.50 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 acceptance by the TSX Venture Exchange (the “Exchange”).
The closing date for the Private Placement is scheduled to occur on or before June 8, 2016. The Company may pay a finders’ fee in respect of certain subscribers in accordance with the policies of the TSX Venture Exchange.
The Company may issue securities under the Private Placement in accordance with the provisions of applicable prospectus exemptions available to existing security holders, if there is interest. Any existing shareholders of the Company interested in participating in the Private Placement should contact the Company using the contact information below. The Private Placement is not subject to a minimum and the Company will provide an update on its intended use of proceeds, including approximate amounts, once subscriptions are confirmed.
The company currently has 26,888,226 shares outstanding.
The use of proceeds shall be to advance the Company’s Langis Silver project and its Thorn gold-silver project and for general working capital.
About Brixton Metals Corporation
Brixton is an exploration company focused on the advancement of its projects toward feasibility. Brixton wholly owns two Canadian exploration projects, the Langis Silver project and the Thorn gold-silver project.
About Langis
The Langis project, including other lands in the Cobalt Camp is 2,520 hectare in size. The project is located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as steeply-dipping veins within any of the three main rock types; Archean volcanics, younger Coleman Member sediments and Nipissing diabase. A new zone (circa 1990) intersected by drilling: 1,550 g/t Ag over 9.4 metres and 1,262.80 g/t Ag over 3.9 metres. This area will be the focus for follow up exploration work. A second past producer held by Brixton is the Hudson Bay mine which produced 6.4Moz Ag at 123 oz/ton.
About Thorn
The 28,000 hectare Thorn Project is located in the Sutlahine River area of northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale Triassic to Cretaceous volcano-plutonic complex with several styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted gold, high-grade Ag-Au-Pb-Zn bearing diatreme-breccia zones, high-grade Au-Ag-Cu veins and volcanic hosted structurally controlled high grade gold-silver zones. Brixton has established a maiden inferred resource of 21.5Moz AgEq from 7.4 Mt at 89.75 g/t AgEq.
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 or email: info@brixtonmetals.com
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
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.
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, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, the anticipated closing of the Private Placement, TSXV approval, and the exploration potential of the Langis property based on historical information, resources estimates on the Thorn Project 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; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company 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.