en.Wedoany.com Reported - Brixton Metals Corporation (TSX-V: BBB, OTCQX: BBBXF), headquartered in Vancouver, British Columbia, announced on August 14, 2026, that it has completed the first tranche of its non-brokered private placement. The Company issued 6,779,767 units at $0.66 per unit, for aggregate gross proceeds of $4,474,646.22.
Each unit consists of one common share and one common share purchase warrant (Warrant) in the capital of the Company. Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.90 until August 15, 2029. The Warrants will be subject to an accelerated expiry provision if the closing price of the Company's common shares on the TSX Venture Exchange (TSXV) or other trading market is equal to or greater than $1.40 for 10 consecutive trading days following the closing date. Thereafter, the Company may, at its option, issue a news release announcing that the Warrants will expire within 10 days of the date of such news release; holders may exercise their Warrants during the 10-day period between the date of the news release and the expiry date.
The net proceeds from the offering will be used for exploration at the Langis Silver Project and general working capital. In accordance with applicable securities laws, the securities issued in the first tranche are subject to a hold period that expires on December 15, 2026. The Company intends to complete the final tranche of the offering and will provide further details upon completion.
In connection with the first tranche closing, the Company paid finder's fees of $125,146.56 and issued 189,616 non-transferable share purchase warrants (Finders' Warrants) to certain arm's length parties who assisted in introducing subscribers. Each Finders' Warrant is exercisable at a price of $0.66 until August 15, 2029, and is subject to the same accelerated expiry provisions as the Warrants.
Certain directors, senior officers, and their related parties participated in the offering, subscribing for 238,000 units. Such insider participation constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101). The offering is exempt from the valuation requirement pursuant to Section 5.5(b) of MI 61-101 as the Company's shares are not listed on a specified market, and is exempt from the minority shareholder approval requirement pursuant to Section 5.7(a) of MI 61-101 as the fair market value of the securities issued to insiders does not exceed 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to closing, as the participation of the relevant directors, officers, and their related parties had not been confirmed at that time.
