Defiance Silver Corp: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Defiance Silver Corp Modifies Terms and Closes First Tranche of Private Placement
Defiance Silver Corp announced that the terms of the non-brokered private placement announced on June 6, 2012 have been revised. Under the new terms Defiance will offer up to 2,500,000 units at a price of $0.20 per Unit for gross proceeds of $500,000. The Offering is subject to an overallotment option whereby the Offering may be increased by up to 50%. Defiance also announced that it has closed the first tranche of its amended private placement with the issuance of 2,741,500 units at a price of $0.20 per Unit for gross proceeds of $548,300. These units are subject to a four month hold period expiring four months from the date of issue. Defiance management and directors have subscribed for a total of 678,500 Units; and IMPACT Silver Corp. acquired 452,000 Units. Each Unit consists of one common share of the Company, one full common share purchase warrant and one Silver Participation Right (SPR). Each Warrant will entitle the holder to purchase one common share of the Company for a period of 12 months at a price of $0.40 per share. Each Silver Participation Right will entitle the holder to receive 0.003 ounces of silver bullion or the equivalent value in Canadian dollars from the Company's future silver production. The proceeds from the Offering will be used at the discretion of the Company for: general working capital purposes, the ongoing refurbishment of the Santa Gabriela Mill and the development of the San Acacio Silver Mine.
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