- Defense Metals (OTCQB:DFMTF) completed the acquisition of Spectrum Mining, holder of 100% interest in the Wicheeda Rare Earth Element (REE) property.
- Defense Metals completed the final acquisition payments under the Option Agreement which includes issuance to shareholders of Spectrum on a pro rata basis, such shares equal to 49% of the issued and outstanding common shares on a post-issuance basis.
- Also, paid to the vendors on a pro rata basis, a cash payment in total of $100K.
- The final payments under the option agreement to acquire Spectrum totaled 78.1M shares of Defense Metals at a deemed price of $0.225/share and $100M in cash for final payment consideration of $17.7M.
- "Defense Metals now owns and controls 100% of the Wicheeda REE Project. With this acquisition, and our PEA, we look forward to continuing to advance this exceptional North American REE asset," CEO Craig Taylor commented.