/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES/
VANCOUVER, April 26, 2012 /CNW/ - Brixton Metals Corporation (TSXV: BBB) (the "Company" or "Brixton") announces that it has closed and is over-subscribed on its non-brokered private placement financing (the "Private Placement") which was announced April 10, 2012. The Private Placement consists of 5,365,000 units ("Units") at a price of $0.14 per Unit and 1,559,059 flow-through shares of Brixton (the "FT Shares") at a price of $0.17 per FT Share for aggregate gross proceeds of $1,016,140. Each Unit consists of one common share and one-half of one transferable common share purchase warrant (each whole warrant, a "Warrant") with each Warrant exercisable by the holder into one common share of the Company at a price of $0.24 per share for a period of 24 months from the closing date (unless accelerated in accordance with its terms). The securities issued pursuant to the Private Placement are subject to a hold period of four months and one day from the closing date. Finder's fees totalling approximately $14,400 in cash were paid in accordance with the policies of the TSX Venture Exchange.
The proceeds from the Private Placement will be used to fund exploration activities at the Company's Thorn property, as well as associated general and administrative expenses. Exploration will focus on the Oban Breccia Zone and the area around drill hole THN11-60. Hole 60 which was drilled during the Company's 2011 drill program returned 95.08 metres of 628 g/t Ag, 1.71 g/t Au, 3.31% Pb and 2.29% Zn and 0.12% Cu including 9.25 metres of 2,984 g/t Ag, 3.04 g/t Au, 0.53% Cu, 11.65% Pb and 3.42% Zn (as previously stated in the News Release dated January 5th 2012). In addition, Oban hole THN11-57 intersected 37.72 metres of 2.08 g/t Au, 60.8 g/t Ag, 0.46% Cu, 0.55% Zn and 0.25% Pb including 7.80 metres of 6.13 g/t Au, 197 g/t Ag, 1.38% Cu, 0.49% Pb and 0.38% Zn.
About Brixton Metals Corporation
Brixton is an exploration company engaged in the acquisition and exploration of precious metal assets and advancing them to feasibility. The Thorn Project is Brixton's flagship property and current activity is centered on high grade silver-gold-copper-lead-zinc-bearing breccia zones, high-grade veins and porphyry targets. The Thorn property is located in northwestern British Columbia, Canada, about 50 km from the past producing Golden Bear Mine and 130 km southwest from the village of Atlin, BC. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO,
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the use of proceeds and exercise of the Company's option agreement, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Excelsior undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
about Brixton please visit our website at www.brixtonmetals.com.