VANCOUVER, BC, Dec. 22, 2020 /CNW/ - Defense Metals
Corp. ("Defense Metals" or the "Company") (TSXV:
DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce
that 3,157,828 warrants with an exercise price of $0.20 were exercised and the remaining
unexercised warrants with an expiry date of December 21, 2020 have expired. The proceeds of
the exercise of these warrants were $631,565.60. The use of proceeds will be used to
complete the preliminary economic assessment (PEA) in the new year,
and for general working capital and corporate purposes.
Craig Taylor, CEO comments:
"The exercise of warrants adds
further funds to our company and will assist in advancing the
Wicheeda Rare Earth Elements project. We have made tremendous
progress over the past two years and we look forward to continuing
that success in 2021."
Wicheeda REE Project
The Wicheeda REE project has indicated mineral resources of
4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements)
and inferred mineral resources of 12,100,000 tonnes averaging
2.90% LREO1.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Kristopher J. Raffle,
P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of
Edmonton, AB, a director of
Defense Metals and a "Qualified Person" as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration company focused on
the acquisition of mineral deposits containing metals and
elements commonly used in the electric power market, military,
national security and the production of "GREEN" energy
technologies, such as, high strength alloys and rare earth magnets.
Defense Metals has an option to acquire 100% of the 1,708 hectare
Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada.
Defense Metals Corp. trades in Canada under the symbol "DEFN" on the TSX
Venture Exchange, in the United
States, under "DFMTF" on the OTCQB and in Germany on the Frankfurt Exchange under
"35D".
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1
Technical Report on the Wicheeda Property, British Columbia,
effective June 27, 2020 and prepared by APEX Geoscience Ltd.
(Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle,
B.Sc., P.Geo) is available under Defense Metals Corp.'s profile on
SEDAR (www.sedar.com)
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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 news release.
Cautionary Statement Regarding Forward Looking
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, statements relating to the
Company's plans for its Wicheeda project, use of funds, completion
of PEA, exercise of option to acquire 100% of the Wicheeda project,
the technical, financial and business prospects of the Company, its
project and other matters. All statements in this news release,
other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future, including the price of rare earth
elements, the ability to achieve its goals, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms. Such forward-looking information reflects the
Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including those filed under
the Company's profile on SEDAR at www.sedar.com. Factors that could
cause actual results to differ materially from those in forward
looking statements include, but are not limited to, continued
availability of capital and financing and general economic, market
or business conditions, adverse weather conditions, failure to
maintain or obtain all necessary government permits, approvals and
authorizations, failure to maintain community acceptance (including
First Nations), decrease in the price of rare earth elements, the
impact of Covid-19 or other viruses and diseases on the Company's
ability to operate increase in costs, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or
forward–looking information, except as required by law.
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SOURCE Defense Metals Corp.