Brixton Metals Corporation said it has closed the first tranche of a private placement, raising CAD 2.5 million through the issuance of 16.67 million common shares at CAD 0.15 per share.
The company said the net proceeds will be used to advance exploration activities at its nickel-copper-platinum project in the Thunder Bay Mining District of Ontario. Brixton Metals holds a 100% interest in the project, which is prospective for magmatic nickel-copper-platinum group metals.
The private placement was conducted through a non-brokered private agreement with accredited investors. No underwriters were involved, and the company did not incur any finder's fees related to the transaction.
Brixton Metals did not disclose any changes to its capital structure beyond the issuance of the new shares. The company's shares are listed on the Canadian Securities Exchange under the ticker BMX.
