Brixton Metals exits strategic investment from BHP, The Canadian Business Journal

Not intended for distribution to US Newswire services or for distribution within the US

VANCOUVER, BC, November 22, 2022 (GLOBE NEWSWIRE) — Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (“Company” Also “Brixton”), in addition to the news release dated November 2, 2022, will launch a non-brokered private placement of common stock (“common stock”) the capital of Brixton (“private placement”) BHP Investments Canada Inc., a wholly owned subsidiary of BHP Group Limited (“BHP”), with the goal of advancing our Thorn project in northwestern British Columbia, Canada. The Thorn Project is located within the traditional territory of the Taku River Tlingit and the Tahltan First Nations.

Through a private placement, BHP Investments Canada Inc. acquired 75,743,391 shares of common stock. This represents 19.9% ​​of the outstanding common shares on an undiluted basis after the closing of the offering, with total proceeds of C$13,633,810.

Concurrently with the closure of the private placement, Crescat Portfolio Management LLC (“crescut”) have elected to exercise their existing rights to participate. proportionately Equity financing by the Company resulted in the acquisition of an additional 5,555,556 shares of common stock, raising a total of C$1,000,000.

The private placement is subject to final approval by the TSX Venture Exchange. No brokerage fees were paid with respect to the private placement.

Chairman and CEO Gary Thompson said:We welcome BHP as a major shareholder in the company and look forward to working with them to advance this exciting Thorn project. I would also like to thank Crescat for their continued support as we drive shareholder value through drilling.“

Brixton intends to use the proceeds from the private placement to cover exploration costs at the Company’s Thorne Project.

Thorn project update

Brixton has completed its summer 2022 exploration program at its wholly owned Thorn project in northwest British Columbia. Exploration is expected to resume from April 2023 until he snows in May.

The 2022 program includes 58 holes for 18,200 m of drilling across four target areas, with most drilling in the Camp Creek copper-dominant porphyry, Trapper Gold target, and to a lesser extent Outlaw. Made with Gold Target and Metra Copper Gold Target. Assays will be released as they become available. In 2022, a total of 520 rock and 1,157 soil samples were collected, with an emphasis on the Metla and Trapper targets, in addition to the East and Val Copper targets. A total of 1,229 line kilometers of airborne magnetic and radiometric measurements were flown over Metra, Trapper, Val and East targets.

For more information on the Thorn project, see the link below.

THORN

Early Warning Disclosure on BHP

Under a private placement, BHP Investments Canada Inc., a wholly owned subsidiary of BHP, acquired 75,743,391 shares of common stock at a price of $0.18 Canadian per common share.

Immediately prior to the closing of the private placement, BHP did not directly or indirectly beneficially own or exercise control or direction in common stock or securities convertible or exercisable into common stock. Immediately following the completion of the private placement, BHP indirectly owned 75,743,391 shares of common stock through BHP Investment Canada Inc.

BHP acquired common shares as part of its strategic investment in Brixton. BHP intends to continue to consider investing in Brixton and may acquire additional equity or debt securities or securities from time to time through open market transactions, private placements and other means, as market and other conditions warrant. There is likely to be. A privately negotiated transaction, or otherwise (including exercising any rights provided to his BHP Investments Canada Inc. in the Investment Agreement between his BHP Investments Canada Inc. and the Company dated November 1, 2022 ( “investment treaty)), in each case dependent on a number of factors, including prevailing market and economic conditions and such other factors and conditions as BHP deems appropriate.

The Investment Agreement also provides BHP Investments Canada Inc. with certain rights and privileges, including certain participation and additional rights that permit BHP Investments Canada Inc. to acquire common stock. proportionately Company requested a joint Technical Advisory Board with BHP Investments Canada Inc. to provide the basis for maintaining ownership in the future, prospectus eligibility/registration rights and guidance to proceed with the Brixton project nominate any director or observer to the Board of Brixton; first proposal for transfer of all or part of the Thorn Project; Right of First Rejection of Return Royalties, and Certain Information and Access Rights.

For a summary of BHP Investments Canada Inc.’s rights under the Investment Agreement, please refer to Brixton’s Material Change Report dated November 4, 2022, available on Brixton’s SEDAR profile at www.sedar.com.

Brixton’s corporate headquarters are at 409 Granville Street, Suite 551, Vancouver, British Columbia, V6C 1T2. BHP is a legal entity existing under the laws of Australia with its head office at 171 Collins Street, Melbourne, Victoria 3000, Australia.

An early warning report has been filed by BHP under applicable Canadian securities laws and, once filed, will be made available on Brixton’s SEDAR profile (www.sedar.com). Copies of such reports are also available at:

Victoria Wiplisky
Main business development
+1 647 633 8313

qualified person

Brixton Chairman and CEO Gary R. Thompson (P.Geo.) is a QP who has reviewed and approved the technical information in this news release..

About Brixton Metals Corporation

Brixton Metals is a Canadian exploration company focused on advancing mining projects. Brixton He fully owns four exploration projects. The flagship Thorn Copper-Gold-Silver-Molybdenum project, the Hog Heaven Silver-Gold-Copper project in Montana in the northwestern United States (under Ivanhoe Electric Inc.’s option), and the Atlin Goldfields project in NW BC. (Pacific Bay Minerals Ltd. option) and the Langis-HudBay Silver-Cobalt-Nickel project in Ontario. Brixton Metals Corporation shares trade on his TSXV under the ticker symbol. BBBand OTCQB under the ticker symbol BBBXFFor more information on Brixton, please visit www.brixton.com. www.brixtonmetals.com.

On behalf of the Board of Directors

Gary R. Thompson, Chairman and CEO
Phone: 604-630-9707 or Email: [email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Information contained in this news release may contain forward-looking statements under applicable securities laws. Forward-looking statements are statements about future events, not past events. In this context, forward-looking statements often refer to expected future business and financial performance and are often “anticipate,” “believe,” “plan,” or “estimate.” , “expects”, “intends” and other words. action or event “could”, “could”, “could”, “should” or “will” or other similar expressions; All statements other than statements of historical fact contained herein are forward-looking statements and do not include statements regarding potential quantities and/or grades of minerals, potential size and expansion of mineralized areas, exploration and development plans. Proposed Timing of and Use of Proceeds of Private Placement. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other Future events may differ materially from any future results, performance or achievements expressed or implied by us. such forward-looking statements. Such factors include, among others, the risks of: Need for additional funding. Operational risks associated with mineral exploration. commodity price volatility; title issues; the fact that the private placement may not close as planned or at all; Additional risks identified. Forward-looking statements are based on management’s views, estimates and opinions as of the date the statements were made, and we reserve the right to make changes to these views, estimates and opinions or otherwise. We undertake no obligation to update any forward-looking statements. Applicable Securities Laws. Investors are cautioned against ascribed undue certainty to forward-looking statements.

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