Mr. Todd Hanas reports
DEFENSE METALS CORP. ANNOUNCES PRIVATE PLACEMENT
Defense Metals Corp. intends to complete a non-brokered private placement of up to six million units at a price of 10 cents per unit for gross proceeds of up to $600,000. Each unit will comprise one common share and one common share purchase warrant. Each warrant is exercisable to purchase one common share of the company at a price of 15 cents per share for a period of 24 months from the date of closing of the private placement.
The private placement is subject to TSX Venture Exchange approval and all securities issued are subject to a four-month hold period. Finders' fees will be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
The proceeds from these private placements will be used for exploration and development of the company's Wicheeda rare earth element project located in Prince George, B.C., and for general working capital purposes.
About Defense Metals Corp.
Defense Metals is an advanced mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as high-strength, lightweight, rare earth magnets. The company's primary focus is to exercise its option to acquire 100 per cent of the 1,708-hectare Wicheeda rare earth element project.
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