Defense Metals raises up to $6,000,000 via non-brokered private placement

Canada NewsWire

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VANCOUVER, BC , Sept. 23, 2026 /CNW/ -- Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) ("Defense Metals " or the " Company ") is pleased to announce that it intends to complete a non-brokered private placement (the "Offering ") for gross proceeds of up to approximately $6,000,000 pursuant to the "listed issuer financing exemption" under Part 5A of National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the " Listed Issuer Financing Exemption "), and other applicable prospectus exemptions under NI 45-106.

The Company intends to complete the Offering through the issuance of up to 42,857,142 units of the Company (each, a " Unit ") at a price of $0.14 per Unit. Each Unit will consist of one common share in the capital of the Company (a " Common Share ") and one-half of one common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a " Warrant Share ") at an exercise price of $0.21 per Warrant Share for a period of 36 months following the Closing Date (as defined herein).

The Company may compensate certain eligible finders in connection with the Offering and may pay a cash commission of up to 7.0% of the gross proceeds raised from purchasers introduced by such finders. The Company may also issue to such finders non-transferable finder's warrants (the " Finder's Warrants ") equal to up to 7.0% of the number of Units sold to purchasers introduced by such finders. Each Finder's Warrant will be exercisable to acquire one Common Share at a price of $0.14 per Common Share for a period of 24 months from the applicable Closing Date.

As part of the Offering, the Company expects to receive a significant lead order of approximately $500,000 from Guy de Selliers, Executive Chairman of the Company. Other members of the Company's management team may also participate in the Offering.

The Company intends to use the net proceeds from the Offering, together with its current working capital, to continue to advance the Wicheeda project towards a feasibility study, to advance environmental and social baseline work to support future permitting and for general and administrative expenses and general corporate purposes.

Subject to compliance with applicable regulatory requirements, and in accordance with NI 45-106, the Units sold pursuant to the Listed Issuer Financing Exemption (the " LIFE Offering ") will be offered to purchasers resident in all provinces and territories of Canada, other than the province of Quebec, and in certain offshore jurisdictions. In accordance with the rules and policies of the TSXV, the securities issued under the LIFE Offering will not be subject to resale restrictions under applicable Canadian securities laws. The Units issued under the Offering that are issued under prospectus exemptions other than the Listed Issuer Financing Exemption (the " Non-LIFE Offering ") will be offered to purchasers resident in all provinces and territories of Canada and in certain offshore jurisdictions. All securities issued under the Non-LIFE Offering, including any Warrant Shares issuable upon exercise of the Warrants forming part of the Units, will be subject to a statutory hold period of four months and one day from the date of distribution in accordance with applicable Canadian securities laws and the policies of the TSXV.