07:11 AM EDT, 10/21/2025 (MT Newswires) -- Defense Metals ( DFMTF ) late Monday said it launched a private placement to raise gross proceeds of up to $15 million.

The private placement consists of a brokered offering of up to 33.3 million units for gross proceeds of up to $10 million and a non-brokered offering of up to 16.7 million units for gross proceeds of up to $5 million.

Each unit will consist of one common share and one-half of one common share purchase warrant entitling the holder to acquire one common share at an exercise price of $0.45 for a three-year period after the offering's closing date.

The company has entered into an agreement with Paradigm Capital as lead agent on behalf of a syndicate of agents. The agents have been granted an option to sell up to a number of additional units equal to 15% of the brokered offering for additional gross proceeds of up to $1.5 million.

The company may also increase the size of the non-brokered offering by up to 15% for additional gross proceeds of up to $750,000.

Net proceeds will be used to continue optimization test work on the flow sheet developed for the 2025 pre-feasibility study, complete pilot plant test work, conduct energy and transmission studies, commence a feasibility study, and continue baseline studies in support of future permitting.

Net proceeds will also be used for operating expenses and general corporate purposes.

The offering is scheduled to close on Oct. 31, subject to certain conditions including conditional approval from the TSX Venture Exchange.

Defense Metals ( DFMTF ) gained near 4% to $0.40 and reached 52-week highs on Monday.