Brixton Energy to settle debt with share issuance

2012-08-31 07:30 ET - News Release


Mr. Richard Saxon reports

Brixton Energy Corp. will submit to the TSX Venture Exchange its share-for-debt-settlement application for up to $1.2-million at five cents per unit. Each unit shall consist of one share and one two-year share purchase warrant, entitling the holder to purchase an additional share at 10 cents in the first year and at 15 cents if purchased in the second year. This debt settlement is subject to TSX approval and the company will continue to work with its creditors to reduce its debt.

The company also wishes to announce that it intends to raise up to $500,000 through the sale of non-flow-through units priced at five cents per unit. Each unit shall consist of one common share and one share purchase warrant, with each whole share purchase warrant entitling the holder thereof to acquire one common share at a price of 10 cents for a period of one year following closing. Cash or stock commission at the maximum allowable by TSX Venture Exchange amount may be payable to agents. This private placement is subject to approval by the TSX Venture Exchange

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