Brixton Metals Corporation of Canada Completes C$7.15 Million Exploration Financing

en.Wedoany.com Reported - On November 13, Brixton Metals Corporation of Canada completed the third and final tranche of its non-brokered private placement, bringing the cumulative total raised across the three tranches to C$7,158,785.70. The financing was completed through the issuance of two classes of flow-through shares, with proceeds primarily directed toward mineral exploration and drilling at the Thorn copper-gold project in British Columbia and the Langis silver-cobalt project in Ontario, Canada.

The third tranche raised C$1,134,000.81, with the Company issuing 147,059 common flow-through (FT) shares and 1,456,339 critical mineral flow-through (CMFT) shares. Across the three tranches, a total of 3,676,504 FT shares and 6,561,638 CMFT shares were issued at prices of C$0.68 and C$0.71 per share, respectively.

The financing was first announced on October 28, 2026, with an original target of up to C$6 million. On November 6, the Company increased the offering cap to C$8 million and announced the completion of the second tranche. As of the closing of the third tranche, the actual amount raised was C$841,214.30 short of the C$8 million cap.

Use of proceeds is restricted to specified purposes under Canadian tax law. Proceeds from the FT shares will be used for eligible Canadian exploration expenses and flow-through mining expenditures, while proceeds from the CMFT shares will be used for qualifying critical mineral mining expenditures. The Company stated that the relevant expenditures will be primarily directed toward its two wholly owned projects, Thorn and Langis.

In connection with the financing, the Company paid C$123,840.75 in fees to third parties who assisted in introducing investors and issued 178,150 compensation warrants. Of this, the third tranche accounted for C$66,840.01 in fees and the issuance of 94,513 compensation warrants, exercisable at C$0.68 per share and valid until November 12, 2028. The securities issued under the private placement are subject to a statutory hold period of four months and one day, with the hold period for the final tranche of securities expiring on March 13, 2027.