Defense Metals Grants Incentive Stock Options

Rhea-AI Summary

Defense Metals (TSXV: DEFN) (OTCQB: DFMTF) has announced the grant of 9,950,000 incentive stock options to directors, officers and consultants. The options are structured as follows: 8,850,000 options at C$0.125 per share, 400,000 options at C$0.205 per share, and 700,000 options at C$0.26 per share. All options have a five-year exercise period and are subject to TSX Venture Exchange approval and certain vesting provisions.

The company's Executive Chairman, Guy de Selliers, emphasized that these options are important for attracting and retaining talent needed for the Wicheeda Project, with a Prefeasibility Study expected in Q1 2025.

Positive

• Prefeasibility Study for Wicheeda Project on track for completion in Q1 2025

Negative

• Potential shareholder dilution through 9,950,000 new stock options
• Multiple option price tiers indicate varying compensation levels which could impact corporate expenses

VANCOUVER, BC, Dec. 20, 2024 /PRNewswire/ - Defense Metals Corp. ("Defense Metals" or the "Company"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) announces the grant of 9,950,000 incentive stock options ("Options") to directors, officers and consultants of the Company, subject to TSX Venture Exchange approval. 8,850,000 options are exercisable, each to purchase one common share of the Company for five years at a price of C$0.125 per common share, 400,000 options are exercisable, each to purchase one common share of the Company for five years at a price of C$0.205 per common share and 700,000 options are exercisable, each to purchase one common share of the Company for five years at a price of C$0.26, in accordance with the terms of the Company's stock option plan and subject to certain vesting provisions.

Guy de Selliers, Executive Chairman of the Company, stated:

"With our new CEO and management team on board, it is essential that we grant these options in order to attract and retain the high calibre talent Defense Metals needs to build our flagship Wicheeda Project, for which our new team is working diligently to complete the Prefeasibility Study in Q1, 2025."

About Defense Metals Corp. and its Wicheeda Rare Earth Element Project

Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

For further information, please visit www.defensemetals.com or contact:

Alex Heath
Senior Vice President, Corporate Development & Interim CFO
Tel: +1 604-354-2491
Email: alex@defensemetals.com 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Defense Metals Corp.

FAQ

How many stock options did Defense Metals (DFMTF) grant in December 2023?

Defense Metals granted 9,950,000 incentive stock options to directors, officers and consultants, with different exercise prices ranging from C$0.125 to C$0.26 per share.

What is the exercise price of the stock options granted by Defense Metals (DFMTF)?

The options were granted at three different price levels: 8,850,000 options at C$0.125, 400,000 options at C$0.205, and 700,000 options at C$0.26 per share.

When will Defense Metals (DFMTF) complete the Wicheeda Project Prefeasibility Study?

According to the announcement, the Prefeasibility Study for the Wicheeda Project is expected to be completed in Q1 2025.

What is the expiration period for Defense Metals' (DFMTF) newly granted stock options?

The stock options granted by Defense Metals have a five-year exercise period from the date of grant.