Mining News: Northern Neighbors: Brixton raises money; prepares to drill Thorn

Brixton Metals Corp. announced that it has raised C$3.3 million through a private placement of units brokered by Red Cloud Klondike Strike Inc. and M Partners Inc. The money raised is planned to be used to advance the company’s Thorn gold-rich polymetallic project in northwestern British Columbia and Langis silver project in Ontario, and for general working capital. The financing involved the issuance of 2.89 million units at C70 cents and 1.67 million flow-through common shares at a price of C75 cents each. Each unit includes one common share and one purchase warrant with exercisable into one Brixton share at a price of C$1.00 for two years. The agents of the financing were paid a commission of C$228,901.05 and were issued 318,668 agents warrants exercisable to acquire one Brixton share at C70 cents for two years. Brixton says it has crews mobilized for a gold focused exploration program at Thorn consisting of: a soil and rock sampling; an induced polarization geophysical survey over the newly identified Chivas gold zone; and up to 4,000 meters of core drilling targeting the Outlaw and Aberlour gold targets.

-Shane Lasley