VANCOUVER, Feb. 1, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB) (the "Company" or "Brixton") is pleased to announce that, further to its news release issued on January 8, 2013, it has entered into a definitive purchase and sale agreement (the "Purchase and Sale Agreement") with Rimfire Minerals Corporation ("Rimfire") and Kiska Metals Corporation ("Kiska") to acquire a 100% interest in the Thorn property (the "Thorn Property") (the "Transaction").
Under the terms of the Purchase and Sale Agreement, Brixton will acquire a 100% interest in the Thorn Property through the payment to Kiska of $1.5 million in cash and the issuance of an aggregate of 7 million common shares of Brixton. The consideration shares will be subject to voluntary trading restrictions which will restrict their transferability for a period of twelve months from the closing date. The completion of the Transaction is subject to a number of conditions, including completion by Brixton of a financing (or other transaction) and receipt of TSX Venture Exchange approvals. The Transaction is scheduled to close by February 28, 2013 (or such other date as mutually agreed to by parties). There can be no assurance the Transaction will be completed as proposed or at all.
Brixton appointed and promoted Carrie Sikman to Vice President Investor
Relations effective February 1, 2013.
SOURCE Brixton Metals Corporation