Defense Metals Corp V.DEFN

Alternate Symbol(s): DFMTF

Metals & Mining Industrial Metals & Minerals

Defense Metals Corp. is a Canada-based mineral exploration and development company. The Company is focused on the development of its 100% owned Wicheeda Project, which is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada. The Wicheeda Project consists of 12 mineral claims covering an area of approximately 8,301 hectares (20,534 acres) located 80 kilometers northeast of the city of Prince George, British Columbia, Canada. Its rare-earth elements project delivers critical metals commonly used in the defense and national security industries, and in the production of green energy technologies.

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Defense Metals Corp > Defense Metals Acquires 100% of the Wicheeda REE Project

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Comment by Maxmoeon Jan 17, 2022 1:47pm

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Post# 34325221

RE:RE:RE:Defense Metals Acquires 100% of the Wicheeda REE Project

Great idea. Add more hungry mouths to feed. Next they sell a big % interest in the deposit and claim it's not dilution compared to selling another 50 to 100 million shares.

Maxmoe wrote: WOW, I got the answer, I think, on ceo.ca. The deal was spectrum would own 49% of shares AFTER the issuance. So rounding again, there were 80 million outstanding, spectrum got 78 million freebie shares, so now there are 160 million shares outstanding. Close to 200 million outstanding fully dilated for options and warrants. And double WOW, there is very little in the treasury because those 78 million shares were for free so DEFN will need to raise money and sell a boatload more shares. AGAIN.

Maxmoe wrote: Now wtf is wrong with the math? Defn was supposed to issue 49% of outstanding shares at the time the option was triggered. Wasn’t that 80 million @49% equals roughly 40 million shares? The presser says they issued 78 million additional freebie shares. So the o/s shares was 160 million? AND they issued (rounding) 80 million. So total shares now 240 million? WTF man, financials from sept 30 showed shares outstanding were 80 million. So they should have issued 40 million to spectrum?????? Plus warrants and option of lord knows what. Does anybody know how many shares are actually outstanding and how many, if any other than the 1.2 million freebie “finders fee” shares have a hold vs free trading? OMG! Great big AVOID on this name until the market adjusts to whatever massive dilution just happened.