Business
Defiance Renegotiates Share Exchange Agreement
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2013) - Further to Defiance Silver Co...
About this update from Defiance Silver Corp.
[{"type":"text","content":"Defiance Renegotiates Share Exchange AgreementVancouver, British Columbia--(Newsfile Corp. - November 7, 2013) - Further to Defiance Silver Corp.'s (TSXV: DEF) news release of September 25, 2013, the Company announces that it has re-negotiated its private placement with Global Resources Investments Ltd (\"GRIL\"). The Company will be seeking to raise $357,000 through the sale of 5,100,000 common shares at $0.07 per share.GRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc (\"GRIT\") and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.In consideration for acquiring the Company's shares, GRIT will issue and deliver to the Company 214,698 ordinary shares of GRIT at £1.00 per share (the \"GRIT Shares\"). The Company will then sell the GRIT Shares through the facilities of the London Stock Exchange to realize the private placement proceeds. As of the date hereof, Defiance has 23,947,749 Common Shares issued and outstanding. Upon completion of the proposed transaction, GRIL would hold 5,100,000 Common Shares of 29,047,749 representing about 17.6% of Defiance's issued and outstanding Common Shares on a non-diluted basis. Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange. About Defiance Silver Corp: Defiance is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in the Zacatecas Silver District, Mexico. The Company's efforts are focused on: 1) the exercising of an option to purchase the San Acacio Mine, 2) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, and 3) the definition of feed for the Santa Gabriela Mill from surface dumps and from the San Acacio Mine with its 43-101 compliant silver resource (reference Defiance Silver Corp New release dated October 25, 2012). Disclaimer: Although Defiance is working to bring the Santa Gabriela Mill and the San Acacio Mine back into production, ...