Defense Metals Corp V.DEFN

DEFN...they don't call it an underwriting for nothin!

[Iseneschal]

 

Defense arranges $5-million private placement

2021-05-12 21:37 PT - News Release

An anonymous director reports

DEFENSE METALS ANNOUNCES CDN$5.0 MILLION PRIVATE PLACEMENT OFFERING WITH INSTITUTIONAL INVESTORS

Defense Metals Corp. has entered into a securities purchase agreement for a private placement of its common shares and warrants to purchase common shares to institutional investors only for aggregate gross proceeds to the company of $5.0-million. Pursuant to the Private Placement, the company will issue 15,625,000 Common Shares and Warrants to purchase up to 15,625,000 Common Shares at a purchase price of Cdn$0.32 per Common Share and associated Warrant. The Warrants will be exercisable at an exercise price of Cdn$0.425 per Common Share at any time prior to the three-year anniversary of the closing date of the Private Placement (the "Closing Date").

[CovieNRA]

I am just stunned.   If they really believe that the value of the property is at least $1 billion, then they shouldn't be having to give away a boatload of shares like this.    I am really starting to lose faith in Craig - I believe that he is a good technical engineer, but he obviously knows nothing about finance, and whoever the CFO is should be fired immediately.

[GoldenIdle]

Bad deal for shareholders , does ceo own any ? I only have small position , but I am not inspired to buy more . Besides paying salaries , what's the $$$ for ?