Defiance Silver Corp. (the “Company”), is pleased to announce a non-brokered private placement (the “Offering”) of up to 24,000,000 units of the Company (“Units”) at a price of $0.05 per Unit for gross proceeds of up to $1,200,000. The Offering may be closed in tranches; and is subject to due diligence by potential investors, to be completed within 60 days.
Each Unit will consist of one common share of the Company and one full common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one common share of the Company for a period of 24 months from the closing date of the Offering at a purchase price of $0.05 per common share, provided however if at any time after the initial 12 months, the price of the Company’s common shares on the TSV Venture Exchange exceeds $0.20 (on a volume weighted basis) for 20 consecutive trading days, the Company may accelerate the exercise the period of the Warrants to a date that is not less than 30 days from the date that the Company provides such notice (which notice may be by way of generally disseminated news release).
Closing of the Offering is subject to receipt of all the required regulatory approvals including the approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a hold period which will expire four months from the date of the closing of the Offering. The Company may pay finder’s fees in compliance with TSX Venture Exchange policies on some or all of the Offering.
About Defiance Silver Corp.:
Defiance is engaged in the acquisition and exploration of advanced silver projects in the historic Zacatecas Silver District, Mexico. The Company’s efforts are focused on the potential to expand the current resource at the San Acacio deposit with its past production of 75 to 100 million ounces of silver.
On behalf of the Directors,
President and CEO
For additional information please visit the Company’s website at www.defiancesilver.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release