Brixton Metals Announces Completion of Warrant Acceleration and the Exercise of Warrants Held by Robert McEwen
October 11, 2018 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce it has successfully completed the acceleration (the “Acceleration”) of 7,250,000 share purchase warrants (the “Warrants”) issued pursuant to a private placement of units that closed in April 2016. On completion of the Acceleration, 4,044,000 Warrants were exercised (of which 1,340,000 Warrants that were held by directors and officers of the Company and 4,000 Warrants issued to finders of the private placement were exercised) at the cash exercise price of $0.15, for gross proceeds of $606,600 and the remaining 2,424,000 Warrants were cancelled. Mr. Robert McEwen, through his wholly owned company Evanachan Limited, exercised 2,500,000 Warrants and received 2,500,000 common shares of the Company.
Each Warrant entitled the holder thereof to purchase one common share of the Company at a price of $0.15 per share for a period of 36 months from the issue date. The Company had the right to accelerate the expiry date of the Warrants in the event that the closing price of the Company’s common shares was equal to or greater than $0.25 for twenty consecutive trading days on the TSX Venture Exchange (the “Acceleration Event”). The Company gave notice to the Warrant holders that the Acceleration Event had occurred during the term of the Warrants and the expiry date of the Warrants was accelerated to thirty (30) days after the date of the notice, being October 10, 2018.
About Brixton Metals Corporation
Brixton Metals Corporation is a gold-silver exploration & development company focused in Canada and USA. Brixton wholly owns 4 projects. The advanced stage, Hog Heaven silver-gold-copper project in NW Montana, USA is a past producer of direct ship ore. Two district scale gold projects, “Thorn (Golden Triangle)” and “Atlin” in British Columbia, Canada, have generated excellent results to date. Lastly, two past producing high-grade silver-cobalt mines, the Langis-Hudson Bay projects, are brownfield projects with excellent infrastructure and are located in Ontario, Canada. The Langis and Hudson Bay mines produced at 25 and 123 opt silver, respectively. The Company is actively seeking JV partners to advance one or more of its projects.
Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. For more information about Brixton please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
Tel: 604-630-9707 or email: firstname.lastname@example.org
For Investor Relations, please contact Mitchell Smith at email@example.com or 604-630-9707.