Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE:35D) has closed its non-brokered private placement financing of 22,367,977 common shares of the company at a price of C$0.26 per common share, and the concurrent placement of 25,708,946 common shares at the same issue price, for aggregate gross proceeds of C$12.5M.
The concurrent placement includes a lead order from RCF Opportunities Fund II L.P., consisting of 25,552,380 common shares for gross proceeds of C$6.6M.
John Robins of Discovery Group and strategic advisor to the company, also participated in the offering.
Craig Taylor, CEO of Defense Metals, commented: “We are very pleased to welcome RCF Opps II as a key shareholder. We will continue to advance the Wicheeda Light Rare Earth Elements project and we look forward to working with the many stakeholders. We believe the Wicheeda Light Rare Earth Elements project is the best rare earths project in Canada and one of the best developing REE projects globally.”
The company intends to use the net proceeds of the offering to advance the company’s wholly-owned Wicheeda Rare Earth Elements Project including the completion of the ongoing pre-feasibility study work, regional exploration activities, and general working capital and corporate expenses.
To find out more, please www.defensemetals.com
