Brixton Metals proposes C$6M flow-through placement for Thorn and Langis
The two share classes are priced above Tuesday’s close, with full subscription adding roughly 8.45 million to 8.82 million shares.
Mara Quinlan
Brixton Metals Corporation CVEBBB OTCMKTSBBBXF said on Wednesday it proposes a non-brokered private placement of up to C$6 million in flow-through shares. A full raise would add approximately 8.45 million to 8.82 million common shares, depending on the mix sold.
Brixton shares rose 8.9 per cent to C$0.61 on the TSX Venture Exchange at the Oct. 27 close, recorded at 4 p.m. EDT by Google Finance CVEBBB, before the financing announcement.
The Oct. 28 offering comprises national flow-through shares at C$0.68 each and critical mineral flow-through shares at C$0.71 each. The company can sell any combination of the two classes up to the financing limit.
Proceeds are intended mainly for exploration and drilling at the Thorn copper-gold project in British Columbia and the Langis silver-cobalt project in Ontario. The release gives no allocation between the projects, no minimum subscription amount and no closing date.
"The Offering is subject to acceptance by the TSX Venture Exchange," Brixton said in the release.
The announced securities are common shares, rather than units combining shares and warrants. No warrants are included in the stated offering terms, and the shares will carry a statutory hold period of four months and one day.
Using the 87.2 million shares outstanding in Brixton's October 2026 investor presentation, full subscription would increase the basic share count by about 9.7 to 10.1 per cent. The new shares would represent approximately 8.8 to 9.2 per cent of the enlarged total, excluding existing options and warrants.
The national flow-through price represents an 11.5 per cent premium to the Oct. 27 close recorded at 4 p.m. EDT CVEBBB. The critical mineral flow-through price carries a 16.4 per cent premium to the Oct. 27 close recorded at 4 p.m. EDT CVEBBB.
Brixton said on Oct. 28 that finder's fees may be payable, with amounts still to be determined. Insiders may participate, but the announcement identifies no committed subscribers or subscription amounts.
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The national flow-through proceeds must fund Canadian exploration expenses and flow-through mining expenditures as defined in Canada's Income Tax Act. The critical mineral shares must fund flow-through critical mineral mining expenditures under the same legislation.
The October presentation also lists C$14.9 million in cash as of June 30, 2026.
Brixton is a Canadian explorer whose wholly owned projects include Thorn and Langis. Its October presentation describes an active Langis drilling program advancing toward an initial mineral resource estimate in the second quarter of 2027.
The earlier milestone in that presentation is an initial Langis tailings resource estimate targeted for the fourth quarter of 2026.
