Defiance Silver Corp. (“Defiance”) is pleased to announce that it has closed the first tranche of its private placement in the amount of $1,458,000 and issued 4,860,001 Units at a price of $0.30 per Unit. These Units are subject to a four month hold period expiring January 20, 2018. Defiance management and directors have subscribed for a total of 310,000 Units.
The proceeds of the private placement will be used by Defiance to commence a drill program at the San Acacio Silver Deposit located in Zacatecas, Mexico as well as for working capital purposes.
Each Unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share of Defiance for a period of twenty-four (24) months at an exercise price of $0.45. Finder’s fees of $112,920 and 376,400 finders’ warrants were paid in connection with the first tranche of the private placement. Each finder’s warrant entitles the holder to acquire one common share of Defiance at $.45 for 24 months.