Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE:35D) has announced a non-brokered private placement financing of up to 22,367,977 common shares for C$0.26 each, and a concurrent placement of up to 25,708,946 common shares for C$0.26 each, for aggregate gross proceeds of C$12.5M.
As part of the placement, the company has received a lead order from RCF Opportunities Fund II L.P. (RCF Opps II) for approximately C$6.6M. John Robins, strategic advisor to the company will also participate in the offering.
Craig Taylor, CEO of Defense Metals, commented: “We are very pleased to welcome RCF Opps II as a key shareholder to the company and recognize its investment as a strong validation of our project and our team. This financing will leave us well financed to continue to advance Wicheeda and fully funded to complete our pre-feasibility study and progress other initiatives. We also appreciate the continued support of our existing shareholders including John Robins of Discovery Group.”
Russ Cranswick, partner and head of RCF Opps II, further stated: “At Resource Capital Funds, we strive to invest in unique and high-quality opportunities in the mining industry and we are excited to support Defense Metals as a pre-eminent REE developer with a highly strategic asset in North America as the market continues to sharpen its focus on the supply of these critical metals.”
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Common Shares issuable pursuant to the LIFE Offering will be offered for sale to purchasers with residence in Canada, except Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. Because the LIFE Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Common Shares issued under the LIFE Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.
For further information please visit: www.defensemetals.com
