Rare
Earth Breaking News - Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) Announces
Closing of its $738,836 Non-Brokered Private Placement; @defensemetals
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC - February 1,
2024 (Investorideas.com Newswire) Defense Metals Corp. ("Defense
Metals" or the "Company") (TSX-V:DEFN / OTCQB:DFMTF/
35D: FSE) is pleased to announce that, further
to its news releases on January 17, 2024, it has closed its non-brokered
private placement financing of 2,841,678 common shares of the Company
("Common Shares") at a price of C$0.26 per share, for aggregate gross
proceeds of C$738,836.28 (the "Private Placement").
Read this news, featuring
DEFN in full at https://www.investorideas.com/news/2024/02011DEFN-Non-Brokered-Private-Placement.asp
McLeod Lake Indian Band ("McLeod Lake") and RCF Opportunities
Fund II L.P., following exercise of its participation right, subscribed for
2,557,795 Common Shares and 283,883 Common Shares, respectively, under the
Private Placement. The Common Shares issued to McLeod Lake are subject to a two-year
voluntary hold period from the date of issuance.
All Common Shares issued under
the Private Placement are subject to a statutory hold period of four months and
one day in accordance with applicable Canadian securities laws. The Private
Placement remains subject to all necessary regulatory approvals including final
acceptance from the TSX Venture Exchange (the "TSXV").
The Company intends to use the
net proceeds of the Private Placement towards advancing the ongoing project
development of Defense Metals' 100% owned Wicheeda Rare Earth Element Project
(the "Wicheeda Project") located 80 kilometers northeast of Prince
George, British Columbia.
The Common Shares of the Company
have not been, and will not be, registered under the U.S. Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any U.S. state securities
laws and may not be offered or sold in the United States absent registration or
an available exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there by any sale of the securities referenced in this press release,
in any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Defense
Metals Corp. and its Wicheeda Rare Earth Element ProjectDefense Metals Corp. is a mineral exploration and
development company focused on the development of its 100% owned, 8,301-hectare
(~20,534-acre) Wicheeda Project that is located on the traditional territory of
the McLeod Lake Indian Band in British Columbia, Canada.
The Wicheeda Project,
approximately 80 kilometres (~50 miles) northeast of the city of Prince George,
is readily accessible by all-weather gravel roads and has nearby
infrastructure, including hydro power transmission lines and gas pipelines. The
nearby Canadian National Railway and major highways allow easy access to the
port facilities at Prince Rupert, the closest major North American port to Asia.
Defense Metals Corp. trades on
the TSX Venture Exchange under the symbol "DEFN", in the United
States, trading symbol "DFMTF" on the OTCQB and in Germany on the
Frankfurt Exchange under "35D".
Defense Metals is a proud member
of Discovery Group. For more information please visit: http://www.discoverygroup.ca/
For further information, please visit www.defensemetals.com or contact:
Todd Hanas, Bluesky Corporate
Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca
Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Statement Regarding
"Forward-Looking" Information
This news release contains
"forwardâ€looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, any
statements (expressed or implied) relating to: advancing the Wicheeda Project,
the use of net proceeds from the Private Placement, final TSXV approval of the
Private Placement, the technical, financial and business prospects of the
Company, its project and other matters. Forward-looking statements are
typically identified by words such as "plan," "believe,"
"expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project,"
"continue," "could," "may," "might,"
"possible," "potential," "predict,"
"should," "would" and other similar words and expressions,
but the absence of these words does not mean that a statement is not
forward-looking. All statements in this news release, other than statements of
historical facts, that address events, contribution or developments that the
Company expects to occur, are forward-looking statements.
Although the Company believes the
expectations expressed in such forward-looking statements are based on reasonable
assumptions, such forward-looking statements are not guarantees of future
performance and actual results may differ materially due to the risks and
uncertainties associated with and inherent to the Company's business and the
Wicheeda Project. Such statements and information are based on numerous
assumptions regarding present and future business strategies and the
environment in which the Company will operate in the future, including the
price of rare earth elements, the anticipated costs and expenditures, accuracy
of assay results, performance of available laboratory and other related
services, future operating costs, interpretation of geological, engineering and
metallurgical data, the ability to achieve its goals, that general business and
economic conditions will not change in a material adverse manner, that
financing will be available if and when needed and on reasonable terms. Such
forward-looking information reflects the Company's views with respect to future
events and is subject to risks, uncertainties and assumptions, including the
risks and uncertainties relating to the interpretation of exploration,
engineering and metallurgical results, risks related to the inherent
uncertainty of exploration, metallurgy and development and cost estimates, the
potential for unexpected costs and expenses and those other risks filed under
the Company's profile on SEDAR+ at www.sedarplus.ca.
While such estimates and
assumptions are considered reasonable by the management of the Company, they
are inherently subject to significant business, economic, competitive and
regulatory uncertainties and risks. Factors that could cause actual results to
differ materially from those in the forward-looking statements include, but are
not limited to, continued availability of capital and financing and general
economic, market or business conditions, adverse weather and climate
conditions, failure to maintain or obtain all necessary government permits,
approvals and authorizations, failure to maintain community acceptance (including
First Nations), risks relating to unanticipated operational difficulties
(including failure of equipment or processes to operate in accordance with
specifications or expectations, cost escalation, unavailability of personnel,
materials and equipment, government action or delays in the receipt of
government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters),
risks relating to inaccurate geological, metallurgical and engineering
assumptions, decrease in the price of rare earth elements, the impact of
Covid-19 or other viruses and diseases on the Company's ability to operate, the
price of commodities, capital market conditions, restriction on labour and
international travel and supply chains, loss of key employees, consultants, or
directors, increase in costs, delayed results, litigation, and failure of
counterparties to perform their contractual obligations. The forward-looking
statements contained in this press release are made as at the date hereof and
the Company does not undertake to update publicly or to revise any of the
included forward-looking statements or forward-looking information, whether as
a result of new information, future events, or otherwise, except as may be
required by applicable securities laws.
SOURCE Defense Metals Corp.
Defense
Metals Corp. (TSX-V:DEFN /OTCQB:DFMTF) is a featured mining stock on Investorideas.com
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