Defense Metals (TSE:DEFN) has released an update.
Defense Metals Corp. has initiated a bridge financing round, aiming to raise between CAD$2.5 million and CAD$4 million through secured convertible notes. The notes will bear a 10% annual interest, payable in common shares, with a 12-month maturity and various conversion options before and upon certain mandatory events. Funding will drive the pre-feasibility study of the Wicheeda REE Project and support general corporate needs.
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