• Defense Metals (DEFN) has closed its oversubscribed non-brokered private placement for gross proceeds of $6,094,020.66
  • The company issued 12,364,172 flow-through common shares at $0.28 per FT share and 11,963,875 units at $0.22 per unit
  • Defense Metals is a mineral exploration and development company
  • Defense Metals Corp. (DEFN) remains unchanged, trading at C$0.21 per share at 3:02 pm ET

Defense Metals (DEFN) has closed its oversubscribed non-brokered private placement for gross proceeds of $6,094,020.66.

The company issued 12,364,172 flow-through common shares at $0.28 per FT share and 11,963,875 units at $0.22 per unit. Each FT share is a “flow-through share.”

Each unit consists of one common share and one-half of one common share purchase warrant. The warrant entitles the holder to purchase one additional common share at $0.32 for a period of 24 months from closing.

The company will use the proceeds raised from the sale of FT shares to incur “Canadian Exploration Expenditures” on its Wicheeda Rare Earth Element (REE) Project. The net proceeds raised from the sale of Units will be used for the Wicheeda Project as well as for general corporate and working capital purposes.

Defense Metals paid finder’s fees of $258,047.55 in cash and issued 1,017,476 non-transferable finder warrants. 366,882 of these warrants are exercisable at $0.22 per share and the remaining at $0.32 per common share for a period of 24 months from closing.

All securities issued under the offering are subject to a statutory four-month hold period.

The company has also granted incentive stock options to certain directors, officers and consultants of the company. The option allows the purchase of up to 5,400,000 common shares at $0.22 per common share for a period of three years.

Defense Metals is a mineral exploration and development company. It focuses on metals and elements commonly used in the EV market, military, national security, and “GREEN” energy technologies.

Defense Metals Corp. (DEFN) remains unchanged, trading at C$0.21 per share at 3:02 pm ET.


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