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Defiance (TSXV:DEF) closes C$11.5 million brokered private placement

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TSXV:DEF
10 June 2021 14:15 (EDT)

Source: Defiance Silver Corp.

Defiance Silver (DEF) has closed its brokered private placement of 12,777,778 units at a price of C$0.90 per unit.

The offering, led by Red Cloud Securities Inc. and including Canaccord Genuity Corp. and Jett Capital Advisors LLC, generated gross proceeds of C$11,500,000.

Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of C$1.35 per share until June 10th, 2023.

Defiance intends to use the proceeds for exploration of the company’s projects and for general working capital purposes.

The agents received a cash commission of C$605,152 and 672,391 non-transferable compensation options, entitling the agents to purchase one unit of the company at a price of C$0.90 until June 10, 2023.

Insiders of Defiance subscribed for a total of 91,222 Units for total gross proceeds of $82,100. 

All securities issued are subject to a four-month hold period expiring on October 11, 2021.

The offering remains subject to the final approval of the TSX Venture Exchange.

Defiance Silver is an exploration company advancing the district-scale San Acacio Deposit, located in the historic Zacatecas Silver District and the 100% owned Tepal Gold/Copper Project in Michoacán state, Mexico.

Defiance Silver Corp. (DEF) is down 1.08 per cent, trading at C$0.92 per share at 2:15 pm ET.

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