Brixton Metals Closes Final Tranche, Raises $9.1M Total
Brixton Metals closed the final tranche of its private placement, raising C$174,768 in the tranche and C$9.1M total. Proceeds will fund exploration at the Langis Silver Project.
Brixton Metals Corp. (TSX-V: BBB, OTCQX: BBBXF) closed the third and final tranche of its non-brokered private placement, raising aggregate gross proceeds of $9.1 million across all tranches, the company said on Thursday.
The final tranche consisted of 264,800 units at C$0.66 per unit for gross proceeds of C$174,768. Each unit includes one common share and one warrant exercisable at C$0.90 until Aug. 27, 2029. The warrants carry an accelerated expiry clause: if the shares close at or above C$1.40 for 10 consecutive trading days after a four-month hold period, the company may force exercise within 10 days.
Net proceeds from the offering will fund exploration at the Langis Silver Project in Ontario and for general working capital, Brixton said.
In connection with the final tranche, Brixton issued 18,536 finders' warrants to an arm's-length third party, exercisable at C$0.66 under the same acceleration terms. Total finders' fees across all tranches came to C$155,176.56 and 473,322 finders' warrants.
All securities issued in the final tranche are subject to a four-month hold period expiring Dec. 28, 2026.
Brixton is a mineral exploration company focused on silver and gold assets in Canada. The Langis Silver Project is a past-producing mine in the Cobalt Camp of northeastern Ontario.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.