Brixton Metals Corporation said it has closed a $9 million financing through two tranches of unit and flow-through share offerings, with gross proceeds allocated to its Langis Silver Project and general working capital.
The Vancouver-based miner issued 650,000 units at $0.66 each for gross proceeds of $429,000 in the second tranche of its unit offering. It also sold 5,332,905 flow-through shares at $0.76 per share, raising $4.05 million. Combined with the first tranche, the company has raised approximately $9 million.
Each unit consists of one common share and one warrant exercisable at $0.90 until August 25, 2029. The warrants include an accelerated expiry provision if the company’s share price exceeds $1.40 for ten consecutive trading days after December 26, 2026. All securities issued are subject to a hold period expiring on the same date.
The flow-through offering proceeds will cover Canadian exploration expenses and flow-through mining expenditures as defined under the Income Tax Act, while the unit offering proceeds will fund exploration at the Langis Silver Project and general working capital. The company also paid $30,030 in finders’ fees for the second tranche and issued 45,500 non-transferable finders’ warrants exercisable at $0.66 until August 25, 2029.
Brixton Metals said it plans to complete a final tranche of the unit offering and will disclose further details once finalized.
