Hecla Mining Company HL announced today that a wholly owned subsidiary
of Hecla has entered into a subscription agreement to acquire 17,250,000
common shares of Brixton Metals Corporation (“Brixton”). Subject to receipt of
approval by the TSX Venture Exchange, the common shares will be issued to the
wholly owned subsidiary of Hecla from treasury at a price of $0.15 per common
share for total gross proceeds to Brixton of $2,587,500. Upon completion of
the transactions contemplated by the subscription agreement (the “Proposed
Transaction”), the 17,250,000 common shares will represent and Hecla will
exercise control over approximately 19.8% of the then outstanding common
shares of Brixton. Hecla has the right to maintain its proportional ownership
interest in Brixton through the exercise of a pre-emptive right. In addition,
Hecla has the right to appoint one representative to the Board of Directors of
Brixton and will be providing technical assistance to Brixton.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in