Brixton Metals Announces Completion of Warrant Acceleration and the Exercise of Warrants Held by Robert McEwen
VANCOUVER, British Columbia, Oct. 11, 2018 (GLOBE NEWSWIRE) -- 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: info@brixtonmetals.com
For Investor Relations, please contact Mitchell Smith at mitchell.smith@brixtonmetals.com or 604-630-9707.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds, By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
