MINING NEWS: NORTHERN NEIGHBORS: Brixton raises C$1M; McEwen becomes largest shareholder

Brixton Metals Corp. April 7 reported the closing of the first tranche of a non-brokered private placement financing consisting of 6,233,000 units for C10 cents each and 4 million flow-through shares at C10 cents each for aggregate gross proceeds of C$1,023,300. Each unit consists of one common share and one transferable purchase warrant exercisable into one common share of the company at a price of C15 cents per share for a period of 36 months from the closing date. Robert McEwen (Evanachan Ltd.) and CMP 2016 Resource Limited Partnership have subscribed for 2.5 million units and 2.5 million flow-through shares, respectively. After the share issuances are completed, Brixton will have 25,589,926 shares outstanding on an undiluted basis. McEwen becomes Brixton’s largest shareholder holding 13.7 percent; CMP holds 9.7 percent; Hecla Mining holds 8.8 percent; and management and directors collectively hold 15.8 percent of Brixton shares. The offering shall remain open for a second closing until April 29. The proceeds will be used to fund exploration activities at Brixton’s Langis high-grade silver project in Ontario and Thorn gold-silver project in northern British Columbia, as well as for general corporate and administrative expenses. Finders’ fees of C$10,700 in cash, 157,200 in common shares and 439,200 of warrants were paid by the company. - SHANE LASLEY