Brixton Metals closes strategic investment from BHP, aims to advance its Thorn project in BC
(Kitco News) - Brixton Metals (TSX-V: BBB) today announced the closing of the non-brokered private placement of common shares in the capital of Brixton by BHP Investments Canada, a wholly owned subsidiary of BHP Group.
According to a news release, pursuant to the private placement, BHP Investments Canada acquired 75,743,391 common shares, representing 19.9% of Brixton’s issued and outstanding common shares on an undiluted basis following completion of the offering, for aggregate gross proceeds of C$13,633,810.
Brixton said it intends to use the proceeds of the private placement for exploration expenditures at the company's Thorn copper-gold-silver-molybdenum project, located in Northwest British Columbia, Canada.
Chairman and CEO Gary Thompson stated, “We are excited to welcome BHP as a major shareholder of the company and are looking forward to working with BHP in advancing the exciting Thorn project.”
Brixton Metals wholly owns four exploration projects: its flagship Thorn copper-gold-silver-molybdenum project in NW BC, the Hog Heaven silver-gold-copper project in NW Montana, USA (under option to Ivanhoe Electric), the Atlin Goldfields project located in NW BC (under option to Pacific Bay Minerals) and the Langis-HudBay silver-cobalt-nickel projects in Ontario.