Brixton Metals Closes $2M Private Placement with Mr. Robert Friedland

Not for distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, British Columbia, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corp. (the "Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce that it has closed its previously announced non-brokered private placement of units of the Company for gross proceeds of C$2,000,000 (the "Private Placement") with Mr. Robert Friedland’s controlled affiliate, Newstar Advantage Ltd. Further details are provided in the press release, dated October 27, 2020.

Each unit (a “Unit”) was issued at a price of C$0.235 and is comprised of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of C$0.35 for a period of 36 months from the date of closing of the Private Placement.

The Company issued a total of 8,510,638 Units pursuant to the Private Placement.

Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “We are delighted to have secured the support of mining mogul Robert Friedland as a shareholder in the Company. We looking forward to working with the HPX team as we accelerate the advancement of the Hog Heaven Project.”

The net proceeds from the issuance of Units were used to eliminate 1.5% of the existing 3.0% NSR royalty on the Hog Heaven Project held by Pan American Silver Corp. as further described in the Company’s press release dated October 27, 2020 and for general working capital purposes.

The completion of the Private Placement is subject to receipt of the necessary regulatory approvals, including final acceptance by the TSX Venture Exchange. The Units, including all underlying securities thereof, issued with respect to the Private Placement, will be subject to a hold period of four months and one day in accordance with applicable securities laws.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Brixton Metals Corporation

Brixton is a Canadian exploration and development company focused on the advancement of its gold and silver projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver and the Atlin Goldfields projects located in NWBC, the Langis-HudBay silver-cobalt project in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA. 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, VP Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com

Cautionary Note

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. More particularly and without limitation, this news release contains forward-looking statements and information covering the use of proceeds of the Private Placement. All statements including statements in respect of regulatory approval, 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.