Offering proceeds are earmarked for general working capital purposes
By Devika Patel
Knoxville, Tenn., June 6 - Defiance Silver Corp. said it plans a non-brokered private placement with a 50% greenshoe to raise between C$4 million and C$10 million.
The company will sell between 13,333,400 and 33,333,400 units of one common share, a warrant and one silver participation right at C$0.30 per unit.
Each warrant will be exercisable at C$0.65 for one year. The strike price is a 132.14% premium to the June 5 closing share price of C$0.28.
Each silver participation right will entitle the holder to receive 0.005 ounces of silver bullion or the equivalent value in Canadian dollars.
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$4 million
|
| Greenshoe: | 50%
|
| Units: | 13,333,400 (minimum), 33,333,400 (maximum)
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | June 6
|
| Stock symbol: | TSX Venture: DEF
|
| Stock price: | C$0.28 at close June 5
|
| Market capitalization: | C$3.93 million
|
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