Brixton Metals Closes First Tranche of $4.47M Private Placement

Finders' fees totaled $125,146.56, paid in cash and 189,616 finder warrants. Each finder warrant is exercisable at $0.66 per share until Aug. 15, 2029, with the same acceleration provisions.

Directors and officers of Brixton participated in the offering, buying 238,000 units. The insider participation qualifies as a related-party transaction under Multilateral Instrument 61-101. The company relied on exemptions from the valuation and minority shareholder approval requirements because Brixton's shares are not listed on a specified market and the insider consideration did not exceed 25% of the company's market capitalization. Brixton did not file a material change report 21 days before closing because the insider participation had not been confirmed at that point.

Brixton's flagship Langis Silver project in Ontario contains past-producing silver mines. The financing positions the company to continue exploration work there without diluting existing shareholders beyond the unit structure, the company indicated.