09:36 AM EST, 11/03/2025 (MT Newswires) -- Defense Metals ( DFMTF ) , which gained more than 15% last Friday, over the weekend closed its previously announced brokered "best efforts" private placement and non-brokered private placement for $16.2 million.

The company said it raised $11.5 million under the brokered offering, issuing 38.3-million units at $0.30 apiece, including the full exercise of the option granted to the agents to increase the size of the offering by up to about 15%. It also raised $4.7 million under the non-brokered offering through the issuance of 15.5-million units.

Defense Metals ( DFMTF ) expects to close a second tranche of the non-brokered offering in the coming days for additional proceeds of up to $570,000. The units sold under the offering were issued on a prospectus-exempt basis pursuant to the "listed issuer financing exemption".

Each unit consists of one Class A common share and one-half of one common share purchase warrant and each warrant entitles the holder thereof to buy a share for $0.45, at any time on or before October 31, 2028. The warrants will be subject to an accelerated expiry on certain conditions.

Proceeds will be used together with its current working capital, to continue optimization test work on the flow sheet developed for and published within the 2025 pre-feasibility study, complete pilot plant test work, conduct energy and transmission studies, start feasibility study on the Wicheeda project in early 2026, and continue baseline studies in support of future permitting. Proceeds will also be used for operating expenses and general corporate needs.

The company also said insiders of DEFN participated in the non-brokered offering for about $670,300.

Shares of the company closed up $0.045 to $0.33 on Friday on the TSX Venture Exchange.

Price: 0.34, Change: +0.01, Percent Change: +1.52