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Defense Metals Announces Convertible Bridge Financing
Defense Metals Announces Convertible Bridge Financing Canada NewsWire /NOT ...
About this update from Defense Metals Corp.
[{"type":"text","content":"\n\n\n\n Defense Metals Announces Convertible Bridge Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n\n\n\n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Aug. 28, 2024\n \n\n /CNW/\n \n - Defense Metals Corp.\n \n (\"\n \n Defense Metals\n \n \" or the \"\n \n Company\n \n \";(TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce a proposed non-brokered bridge financing of secured convertible notes (the \"\n \n Notes\n \n \") for minimum gross proceeds of\n \n CAD$2,500,000\n \n and maximum gross proceeds of up to\n \n CAD$4,000,000\n \n (the \"\n \n Offering\n \n \").  The Company will not proceed with its previously announced private placement of units most recently disclosed in the Company's news release dated\n \n August 6, 2024\n \n .\n \n\n The Notes will bear interest from the date of issuance at the rate of ten percent (10%) per annum, payable quarterly in common shares of the Company (\"\n \n Common Shares\n \n \") at a price per share equal to the applicable 20-day volume weighted average price of the Common Shares on the TSX Venture Exchange (the \"\n \n TSXV\n \n \"), or such other price determined in accordance with the policies of the TSXV. The Notes will mature on the date that is 12 months after the date of issuance. At any time up to seven days prior to a Mandatory Conversion Event (as defined below), investors may elect to convert the principal amount of the Notes into Common Shares at a deemed price per share of\n \n $0.125\n \n (the \"\n \n Conversion Price\n \n \").\n \n\n The Notes will automatically convert into Common Shares upon the occurrence of certain events (each, a \"\n \n Mandatory Conversion Event\n \n \"), including the completion by the Company of a new issuance of equity as part of a minimum\n \n CAD$4,000,000\n \n financing from third party sources (excluding conversion of the Notes), completion of a sale of all or substantially all of the...