07:03 AM EST, 11/11/2025 (MT Newswires) -- Defense Metals ( DFMTF ) , which lost more than 5% on Monday, said overnight it closed the second and final tranche of its previously announced non-brokered private placement for $576,000.

The company said the final tranche consisted of the issuance of 1.9-million units. Total proceeds of the offering, combined with the concurrent brokered private placement, were $16.7 million.

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

Proceeds raised from the offering, together with its current working capital, will be used to continue optimization test work on the flow sheet developed for and published within the 2025 pre-feasibility study, complete pilot plant test work supporting the optimized flow sheet, conduct energy and transmission studies, start a 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 announced that it will not be proceeding with the settlement of $158,200 of debt for units as previously announced on July 28.

Shares of the company closed down $0.015 to $0.27 on Monday on the TSX Venture Exchange.