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Defense Metals Announces Closing of Fully Subscribed Convertible Bridge Financing; Raises Gross Proceeds of $4 Million & Provides Update on Prefeasibility Study and CEO Search
Defense Metals Announces Closing of Fully Subscribed Convertible Bridge Financing; Raises Gross P...
About this update from Defense Metals Corp.
[{"type":"text","content":"\n\n\n\n Defense Metals Announces Closing of Fully Subscribed Convertible Bridge Financing; Raises Gross Proceeds of $4 Million & Provides Update on Prefeasibility Study and CEO Search\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.prngen1{\nTEXT-ALIGN: LEFT; MARGIN-LEFT:3.33em !IMPORTANT\n}\n \n\n\n\n\n Defense Metals Announces Closing of Fully Subscribed Convertible Bridge Financing; Raises Gross Proceeds of $4 Million & Provides Update on Prefeasibility Study and CEO Search\n \n\n Canada NewsWire\n \n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Oct. 11, 2024\n \n\n /CNW/ - Defense Metals Corp. (\"Defense Metals\" or the \"Company\") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) today announced the successful closing of its previously announced non-brokered bridge financing of secured convertible notes (the \"Notes\"), raising\n \n $4,000,000\n \n in gross proceeds (the \"Offering\").\n \n\n\n Update on Prefeasibility Study\n \n\n\n The proceeds of the Offering will enable Defense Metals to complete the Prefeasibility Study (\"PFS\") for the Wicheeda Rare Earth Element Project, carry out scenario analyses, evaluate possible optimization of processes, and conduct further testing.  The PFS will be substantially completed by the end of the year, with the final results published in Q1 2025. The PFS is being led by Hatch Ltd., with metallurgical oversight provided by rare earth processing expert\n \n John Goode\n \n .\n \n\n Following the completion of the PFS, Defense Metals plans to immediately launch into the Definitive Feasibility Study (\"DFS\"), with financing expected to take place in Q1 2025.\n \n\n\n CEO Search Update\n \n\n\n The Company is also actively conducting a search for a new CEO, which is being led by executive search firm Johnson Partners. A number of highly qualified candidates have already been identified, and the new CEO is expected to be in place by Q1 2025.\n \n\n\n Guy de Selliers\n \n , Executive Chairman and Acting CEO of Defense Metals, commented:\n \n\n \"We are encouraged by the progress we are making at this pivotal stage for Defense Metals. The ...