Offering proceeds are earmarked for general working capital purposes
By Devika Patel
Knoxville, Tenn., Sept. 10 - Defiance Silver Corp. said it revised the terms of a non-brokered private placement, which will now raise C$500,000 with a 50% greenshoe of C$250,000. It also said it raised C$548,300 in the initial tranche. The deal priced for between C$4 million and C$10 million with a 50% greenshoe on June 6.
The company is now selling 2.5 million units of one common share, a warrant and one silver participation right at C$0.20 per unit. It sold 2,741,500 units in the first tranche.
Each warrant is exercisable at C$0.40 for one year. The strike price is a 42.86% premium to the June 5 closing share price of C$0.28.
Each silver participation right entitles the holder to receive 0.003 ounces of silver bullion or the equivalent value in Canadian dollars.
IMPACT Silver Corp. invested C$90,400.
Proceeds will be used for general working capital purposes, to refurbish the Santa Gabriela processing plant, develop the 10 mineral property concessions or licenses and develop the San Acacio Mineral property.
Based in Vancouver, B.C., Defiance mines for silver.
| Issuer: | Defiance Silver Corp.
|
| Issue: | Units of one common share, a warrant and one silver participation right
|
| Amount: | C$500,000
|
| Greenshoe: | C$250,000
|
| Units: | 2.5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Investor: | IMPACT Silver Corp. (for C$90,400)
|
| Pricing date: | June 6
|
| Revised: | Sept. 10
|
| Settlement date: | Sept. 10 (for C$548,300)
|
| Stock symbol: | TSX Venture: DEF
|
| Stock price: | C$0.28 at close June 5
|
| Market capitalization: | C$4.17 million
|
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