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Cision Canada
04-06-2025
- Business
- Cision Canada
Defense Metals Receives Letter of Interest for Potential US$250 Million in Project Financing
VANCOUVER, BC, June 4, 2025 /CNW/ - Defense Metals Corp. ("Defense Metals" or the "Company"; (TSXV: DEFN) is pleased to announce it has received a Letter of Interest ("LOI") from Export Development Canada ("EDC"), the Government of Canada's export credit agency, expressing its interest in participating as a Mandated Lead Arranger for potential debt financing of up to US$250 million from EDC to support the development and construction of Defense Metals' flagship Wicheeda Rare Earth Element (REE) Project, located in British Columbia, Canada. The LOI was issued in response to Defense Metals' request for potential financing support and is based on information provided by the Company, ongoing discussions with EDC, and publicly available data. Guy de Selliers, Executive Chairman of Defense Metals commented: "We are very pleased to receive this Letter of Interest from EDC. This is a strong endorsement of the strategic importance of the Wicheeda REE Project and shows the key role that EDC might consider playing in its financing. This project would indeed contribute to a number of Canadian priorities including the clean energy transition and the security of supply of critical minerals." Mark Tory, President and CEO of Defense Metals, commented: "The pre feasibility study we released on April 7 2025 demonstrates the financial robustness of the Wicheeda project. EDC's prospective support can serve as an anchor to mobilise a comprehensive debt package. We are also encouraged by the recent creation in Canada, Europe and elsewhere of a number of very large government backed equity funds with mandates to finance in projects like Wicheeda. For such a strategically important and financially robust project as Wicheeda we are confident that financing will be available. We are encouraged by EDC's letter of interest." EDC is a financially self-sustaining Crown corporation. Over the last 25 years it has developed a particularly strong track record in structured and project finance, having participated in more than 540 transactions totaling over US$40 billion. The proposed financing from EDC remains subject to the satisfactory completion of all due diligence. About Defense Metals Corp. and its Wicheeda REE Deposit Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda Rare Earth Element (REE) property 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 a paved highway and all-weather gravel roads and is close to 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. The Company recently completed a Preliminary Feasibility Study (PFS) that demonstrated the robust economics of the project. For further information, please visit or contact: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Statement Regarding "Forward-Looking" Information This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, any statements (expressed or implied) relating to EDC Funding and participation in a potential debt financing to support the development and construction of the Wicheeda Project. 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 statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. 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, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ ( 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 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 or obtain 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, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
Yahoo
21-05-2025
- Business
- Yahoo
Defense Metals Announces Closing of Private Placement for Gross Proceeds of $5.4 Million
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ VANCOUVER, BC, May 21, 2025 /CNW/ - Defense Metals Corp. ("Defense Metals" or the "Company") (TSXV: DEFN) is pleased to announce that the Company has closed its previously announced brokered private placement (the "Brokered Offering") and non-brokered private placement (the "Non-Brokered Offering", and together with the Brokered Offering, the "Offerings") for aggregate gross proceeds of C$5,439,495. Mark Tory, President and CEO commented: "We're very pleased to have closed this financing with strong participation from supportive shareholders and strategic investors. While the broader market remains selective, raising over C$5.4 million is a clear vote of confidence in the strength of our Wicheeda Rare Earth Project and our team's execution to date. With a positive pre-feasibility study now completed, these funds will support critical optimization work and ongoing environmental baseline studies as we advance Wicheeda toward permitting and development. We remain fully committed to delivering one of North America's leading rare earth assets for the benefit of our shareholders and interested parties." Under the Brokered Offering, the Company raised gross proceeds of C$5,060,595, issuing 25,138,703 units of the Company (each a "Unit") at a price of C$0.15 per Unit and 7,587,000 flow-through units of the Company (each, a "FT Unit," and together with the Units, the "Offered Securities") at a price of C$0.17 per FT Unit. Under the Non-Brokered Offering, the Company raised gross proceeds of approximately C$378,900 through the issuance of 2,228,824 FT Units. Each Unit consists of one 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 FT Unit consists of one Common Share issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one-half of one Warrant also issued as a "flow-through share" within the meaning of the Income Tax Act (Canada). Each Warrant entitles the holder thereof to acquire one additional Common Share at a price of C$0.20 per Common Share, at any time on or before May 21, 2028. Paradigm Capital Inc. as lead agent and sole bookrunner, and Agentis Capital Markets Limited Partnership (collectively, the "Agents") acted as agents under the Brokered Offering. In consideration for their services under the Brokered Offering, the Agents received a cash commission of C$34,570, 2,060,194 non-transferable compensation options (the "Compensation Options") and 1,886,541 Units, which the Agents received in lieu of C$282,981 of cash commissions. Each Compensation Option is exercisable for one Common Share at a price of C$0.15 per Common Share at any time on or before May 21, 2027. In addition, the Company paid a finder's fee of C$21,000 and issued 123,529 Compensation Options to an arm's length finder in connection with the Non-Brokered Offering. All securities issued pursuant to the Offerings are subject to a four-month restricted period ending on September 22, 2025, in accordance with applicable Canadian securities legislation. The Offerings are subject to the final approval of the TSX Venture Exchange (the "TSXV"). The Company intends to use the net proceeds raised from the sale of Units under the Offerings for non-flow-through eligible operating expenses and for general corporate and working capital purposes and the gross proceeds from the sale of the FT Units will be used for eligible flow-through expenditures on the Company's Wicheeda Project. With these proceeds the Company will also continue to optimise the Wicheeda Project design, make further progress on environmental and permitting work and explore strategic initiatives to strengthen its ability to build the project in the shortest time frame possible. Insiders of the Company participated in the Brokered Offering for approximately C$988,306. The issuance of Units to insiders is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company's market capitalization. In connection with the completion of the Offerings, in accordance with their terms, secured convertible notes of the Company (the "Notes") with an aggregate principal amount of $4,000,000, originally issued on October 11, 2024, will automatically convert into Common Shares at a deemed price of $0.125 per share. This conversion will result in the issuance of an aggregate of 32,000,000 Common Shares (the "Principal Shares") to the holders of the Notes. Additionally, in full and final satisfaction of accrued interest on the Notes in the aggregate amount of $42,835.62, subject to the approval of the TSXV, the Company will issue an additional 277,963 Common Shares (the "Interest Shares") to the Note holders. In accordance with the terms of the Notes, the Interest Shares will be issued at a price of $0.1577 per Interest Share, being the greater of: (i) the volume-weighted average trading price of the Common Shares on the TSXV for the 20 consecutive trading days ending on the applicable pricing date, and (ii) the lowest price permitted under TSXV policies. The issuance of the Interest Shares is subject to TSXV approval. The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act. About Defense Metals Corp. and its Wicheeda REE Deposit Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda Rare Earth Element (REE) property 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 a paved highway and all-weather gravel roads and is close to 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. The Company recently completed a Preliminary Feasibility Study (PFS) that demonstrated the robust economics of the project. For further information, please visit or contact: Mark ToryPresident and CEOTel: +1 604-445-8179Email: mark@ Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Statement Regarding "Forward-Looking" Information This news release contains "forward‐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 proceeds from the Offerings, final TSXV approval of the Offerings, the issuance of the Interest Shares and TSXV approval of the Interest Shares. 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 statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. 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, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ ( 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 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 or obtain 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, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law. SOURCE Defense Metals Corp. View original content to download multimedia:
Cision Canada
28-04-2025
- Business
- Cision Canada
Defense Metals Signs MoU with Strategic Partner
VANCOUVER, BC, April 28, 2025 /CNW/ - Defense Metals Corp. (" Defense Metals" or the " Company"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce the signing of a non-binding memorandum of understanding dated April 25, 2025 with a major potential strategic partner for entering into a supply agreement representing a significant portion of its planned output. Mark Tory, President and CEO commented: The interest shown by our potential strategic partner reflects growing industry confidence that Wicheeda could indeed become a strategically important source of rare earth elements based on the convincing results of our detailed pre-feasibility study published earlier this month. We still have a lot of work to do do to turn our project into reality, but this MOU is certainly a major step in the right direction." About Defense Metals Corp. and its Wicheeda REE Deposit Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda Rare Earth Element (REE) property 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 a paved highway and all-weather gravel roads and is close to 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. The Company recently completed a Preliminary Feasibility Study (PFS) that demonstrated the robust economics of the project. For further information, please visit or contact: Mark Tory President and CEO Tel: +1 604-445-8179 Email: [email protected] 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 "forward‐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 process flowsheet 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 statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. 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, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ ( 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 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 or obtain 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, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. In addition, the MOU is non-binding and subject to the parties entering into a definitive offtake agreement. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
Yahoo
04-03-2025
- Business
- Yahoo
Defense Metals secures funding for Wicheeda rare earth project in Canada
Defense Metals has secured up to C$853,825 ($591,176) from Natural Resources Canada's Critical Minerals Infrastructure Fund. This funding is aimed at supporting the advancement of infrastructure for the Wicheeda Rare Earth Element deposit north-east of Prince George, British Columbia. The project is expected to enhance the supply of critical rare earth elements (REEs) in North America. The funding will be used for an economic study to evaluate the construction of a 46km transmission line connecting Wicheeda to the provincial hydroelectric power grid. Minister of Energy and Natural Resources Canada Jonathan Wilkinson said: 'Developing Canada's abundant critical minerals drives economic opportunity and creates hundreds of high-paying jobs. The funding provided to Defense Metals for its Wicheeda Rare Earth Element Project will help advance the development of the necessary infrastructure to expand British Columbia's sustainable critical minerals production.' The proposed transmission line will ensure a reliable and sustainable power supply for the project and reduce reliance on alternative energy sources. The study will encompass powerline engineering, environmental studies, archaeological assessments and indigenous engagement. This initiative builds on the recently completed pre-feasibility study (PFS), which confirmed the Wicheeda Project's economic viability. Defense Metals CEO Mark Tory said: 'We are very grateful for this important endorsement from Natural Resources Canada and its Critical Minerals Infrastructure Fund. This funding is the first step to advancing crucial infrastructure for the Wicheeda Project, the only rare earth project in Canada with current proven and probable reserves. 'As North America's most advanced rare earth developer, we are bridging the critical minerals supply gap by positioning Wicheeda as a key future supplier of these essential rare earth materials.' Defense Metals and MLIB, an equity partner in the project, have a co-design agreement, integrating indigenous perspectives into the project assessment and development. In September 2024, Defense Metals signed a memorandum of understanding with the Saskatchewan Research Council to strengthen the REEs supply chain in Canada. "Defense Metals secures funding for Wicheeda rare earth project in Canada" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
