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Brixton Metals increases private placement to C$7.8M

Brixton Metals Corp. said Aug. 8 that it increased its private placement of units and flow-through common shares to C$7.8 million, from the previously expected gross proceeds of C$6 million, set to close Aug. 9.

Eric Sprott, through 2176423 Ontario Ltd., will be the largest shareholder with an 18.25% stake in Brixton including previously held shares on a nondiluted basis and a 24.55% stake on a partially diluted basis, assuming the exercise of warrants.

The private placement will consist of 41,321,756 units and 1,639,727 flow-through shares.

Brixton said in July that it will use the proceeds from the private placement for exploration activities and general working capital.