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Defense Metals Announces Closing of CDN$5.0 Million Private Placement Offering with Institutional Investors
Defense Metals Announces Closing of CDN$5.0 Million Private Placement Offering with Insti...
About this update from Defense Metals Corp.
[{"type":"text","content":"\n \n \n \n Defense Metals Announces Closing of CDN$5.0 Million Private Placement Offering with Institutional Investors\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n VANCOUVER, BC\n \n ,\n \n May 18, 2021\n \n /CNW/ - Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) (\"Defense Metals\" or the \"Company\") is pleased to announce that it has closed its previously announced private placement to institutional investors of its common shares (\"Common Shares\") and warrants to purchase common shares (\"Warrants\") for aggregate gross proceeds to the Company of\n \n Cdn$5.0 million\n \n (the \"Private Placement\"). Pursuant to the Private Placement, the Company issued 15,625,000 Common Shares and Warrants to purchase up to 15,625,000 Common Shares at a purchase price of\n \n Cdn$0.32\n \n per Common Share and associated Warrant. The Warrants are exercisable at an exercise price of\n \n Cdn$0.425\n \n per Common Share at any time on or prior to\n \n May 17, 2024\n \n .\n \n \n \n \n \n \n \n \n \n H.C. Wainwright & Co. acted as the exclusive placement agent for the Private Placement in\n \n the United States\n \n . H.C. Wainwright & Co. received (i) a cash commission of\n \n Cdn$400,000\n \n (equal to 8.0% of the gross proceeds of the Private Placement) and (ii) 1,250,000 non-transferable compensation warrants (the \"Agent Warrants\"). The Agent Warrant are exercisable at an exercise price of\n \n Cdn$0.32\n \n per Common Share at any time on or before\n \n May 17, 2024\n \n .\n \n \n The Company intends to use the net proceeds of the Private Placement to complete a preliminary economic assessment for the Wicheeda Project, conduct an exploration program and further environmental studies on the Wicheeda Property, formalize a contract to build a hydrometallurgical pilot plant and for working capital and general corporate purposes. Details as to the intended specific allocation of the proc...