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VANCOUVER, BC, Nov. 10, 2025 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: DEFN) is pleased to announce that, further to its news release dated October 31, 2025, the Company has closed the second and final tranche of its previously announced non-brokered private placement (the “Offering“) for aggregate gross proceeds of C$576,000 through the issuance of 1,920,000 units of the Company (each, a “Unit“). Total gross proceeds of the Offering, combined with the concurrent brokered private placement, were C$16,729,334.
The Units sold under the Offering were issued on a prospectus-exempt basis pursuant to the “listed issuer financing exemption” under Part 5A of National Instrument 45-106 – Prospectus Exemptions and Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (together, the “LIFE Exemption“).
Each Unit consists of one Class A common share in the capital of the Company (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional Common Share at a price of C$0.45 per Common Share, at any time on or before October 31, 2028. The Warrants will be subject to an accelerated expiry upon thirty (30) days’ notice from the Company in the event that the common shares of the Company trade at a closing price equal to or greater than $0.90 for ten (10) consecutive trading days.
The Units issued to Canadian resident subscribers under the LIFE Exemption are not subject to a hold period pursuant to applicable Canadian securities legislation, other than a four-month TSX Venture Exchange (“TSXV“) hold period applicable to certain purchasers under the policies of the TSXV expiring March 1, 2026. The Offering is subject to the final approval of the TSXV.
In addition, the Company paid finders’ fees of $5,250 to an arm’s length finder in connection with the Non-Brokered Offering.
The Company intends to use the net proceeds raised from the Offering, together with its current working capital, to continue optimization test work on the flow sheet developed for and published within the 2025 pre-feasibility study, complete pilot plant test work supporting the optimized flow sheet, conduct energy and transmission studies, commence a feasibility study on the Wicheeda project in early 2026, and continue baseline studies in support of future permitting. Net proceeds will also be used for operating expenses and general corporate purposes.
