Brixton Metals (TSX-V:BBB) is raising up to C$18 million ($19.67 million) through a non-brokered private placement for drilling at the Thorn Copper-Gold and Langis Silver-Cobalt projects located in British Columbia and Ontario, respectively.
Under the placement, the company will issue a combination of national flow-through units at C$0.08 per unit, critical mineral flow-through units at C$0.085 per unit, and non-flow through units at C$0.07 per unit.
Each unit comprises one share, under the respective issuance agreement, and one warrant. Holders will be entitled to acquire an additional non-flow through share at C$0.10 for each warrant held, offered at $0.10 for a period of three years.
Non-flow through units are anticipated to raise C$12 million of the total C$18 million.
The funds raised under the national flow-through units sale will be used for general corporate purposes.
CEO Gary R Thompson says the company is “happy” to welcome a new strategic investor to the list of well-known mining investors to the company register.
Last week the company uncovered “high-grade” intervals, which were at times accompanied by visible gold from the Trapper target, as reported by Mining.com.au.
Brixton Metals is a mineral explorer with a strategic focus on copper, gold, and silver.
The Thorn Project hosts a district-scale volcano-plutonic complex with several styles of mineralisation related to porphyry and epithermal environments.
The Langis Project is a brownfield exploration and development opportunity with local infrastructure, including year-round road access, power, railways, and mills.
Write to Maddison Elliott at Mining.com.au
Images: Brixton Metals
