VANCOUVER, BC --(Marketwired - April 08, 2016) - Evanachan Limited (the "Offeror") announces that on April 8, 2016 the Offeror, acquired control of 2,500,000 units ("Units") of Brixton Metals Corporation ("Brixton Metals"). Each Unit is comprised of one common share of Brixton Metals (a "Share") and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one common share of Brixton Metals (a "Warrant Share") for a period of 36 months at an exercise price of CAD$0.15 per Warrant Share, provided that in the event that the closing price of Brixton Metals common shares on the TSX Venture Exchange is equal to or greater than $0.25 for twenty consecutive trading days, Brixton Metals has the right to accelerate the expiry date of the warrant to 30 days upon notice to the holder. The 2,500,000 Shares comprised in the Units represent approximately 9.7% of Brixton Metal's issued and outstanding common shares. The 2,500,000 Shares and the 2,500,000 Warrants comprised in the Units collectively represent approximately 17.8% of the issued and outstanding common shares of Brixton Metals, assuming the exercise of the Warrants (on a partially diluted basis).
Prior to the acquisition of the Units, the Offeror exercised control or direction over 1,000,000 securities of Brixton Metals. As a result of the acquisition of the Units, the Offeror now has control over an aggregate of 3,500,000 common shares of Brixton Metals and 2,500,000 common share purchase warrants of Brixton Metals, collectively representing approximately 21.7% of the issued and outstanding common shares of Brixton Metals, assuming the exercise of the common share purchase warrants.
Evanachan entered into the transaction for investment purposes. Evanachan may increase or reduce its investment in Brixton Metals according to market conditions or other relevant factors.
To obtain a copy of the early warning report filed by the Offeror, please contact the Offeror at 647-258-0395 or refer to Brixton Metals' SEDAR profile at www.sedar.com.