On January 31, 2024, Defense Metals Corp. closed the transaction. The company has now issued 2,841,678 common shares at a price of CAD 0.26 per share for aggregate gross proceeds of CAD 738,836.28.

The transaction included participation from new investor McLeod Lake Indian Band for for 2,557,795 shares and returning investor RCF Opportunities Fund II L.P managed by RCF Management, LLC for 283,883 shares. The common Shares issued to McLeod Lake are subject to a two-year voluntary hold period from the date of issuance. The Private Placement remains subject to all necessary regulatory approvals including final acceptance from the TSX Venture Exchange.

The company raised CAD 73,808.74 pursuant to Regulation D in the transaction from single investor.