Defense Metals Corp. announced that it has received a private placement of aggregated CAD 4,558,049.57 consisting of 6,340,057 flow through common shares issued at CAD 0.35 per share for proceeds of CAD 2,219,020 and 8,996,267 units at a price of CAD 0.26 per share for proceeds of CAD 2,339,029 on April 5, 2022. The units consists of of one common share of the Company and one common share purchase warrant.

The warrants are exercisable a price of CAD 0.40 per warrant for a period of 24 months from the date of issuance. The Company paid aggregate cash finder's fees of $162,152.92 and issued 487,087 non-transferable finder warrants to Leede Jones Gable Inc., Qwest Investment Fund Management Ltd., Accilent Capital Management Inc., iA Private Wealth Inc., Haywood Securities Inc., Canaccord Genuity Corp., Research Capital Corporation and Glores Securities Inc. The finder warrants are exercisable for a period of 24 months from issuance at a price of $0.35 per share. All securities issued under the Private Placement are subject to a four month hold period in accordance with applicable securities laws.