NEW YORK, May 18, 2021 /PRNewswire/ -- The military uses a wide range of metals for everything from vehicles to electronics and ballistics. Each branch has its own unique specializations, which require different equipment designs and materials. As an example, the primary land-based arm of the military uses several metals to create durable defense equipment and hardware. Specifically, Magnesium and Titanium are in demand due to their structural and protective components. As for the Air Force, aircraft and rockets must be light and able to withstand a myriad of environmental stressors, including extreme temperature and pressure fluctuations, high levels of vibration, impacts, and corrosive substances. Nickel and high-temperature alloys such as Monel, Inconel, Incoloy, Hastelloy, and many others, have become some of the most commonly used metals in the Air Force due to their extremely high tensile strength and ability to withstand harsh environmental conditions. Defense Metals Corp. (OTC: DFMTF) (TSX-V: DEFN), Leidos Holdings, Inc. (NYSE: LDOS), Huntington Ingalls Industries, Inc. (NYSE: HII), General Dynamics Corporation (NYSE: GD), Honeywell International Inc. (NASDAQ: HON)
China and the United States, the two biggest global economies, are also the biggest polluters and consumers of the world's resources. Their natural security affects everyone else's, both in terms of meeting demand and dealing with the consequences of high consumption. "The U.S. rare earths industry needs big help to compete against the Chinese," said Jim McKenzie, Chief Executive Officer of UCore Rare Metals Inc UCU.V, which is developing a rare earths project in Alaska. "It's not just about the money, but also the optics of broad support from Washington."
Defense Metals Corp. (OTCQB: DFMTF) (TSX-V: DEFN) announced yesterday breaking news that it, "has closed its previously announced private placement to institutional investors of its common shares and warrants to purchase common shares for aggregate gross proceeds to the company of $5.0-million. Pursuant to the private placement, the company issued 15,625,000 common shares and warrants to purchase up to 15,625,000 common shares at a purchase price of 32 cents per common share and associated warrant. The warrants are exercisable at an exercise price of 42.5 cents per common share at any time on or prior to May 17, 2024.
H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement in the United States. H.C. Wainwright & Co. received (i) a cash commission of $400,000 (equal to 8.0 per cent of the gross proceeds of the private placement) and (ii) 1.25 million non-transferable compensation warrants. The agent warrant are exercisable at an exercise price of 32 cents per common share at any time on or before May 17, 2024.
The company intends to use the net proceeds of the private placement to complete a preliminary economic assessment for the Wicheeda project, conduct an exploration program and further environmental studies on the Wicheeda property, formalize a contract to build a hydrometallurgical pilot plant, and for working capital and general corporate purposes. Details as to the intended specific allocation of the proceeds are disclosed in the prospectus supplement referred to below.
The common shares and warrants issued under the private placement were qualified by way of a prospectus supplement under the company's base shelf prospectus dated May 4, 2021, which was filed in each of the provinces of Canada, except Quebec. Copies of the prospectus supplement and the base shelf prospectus are available under the company's profile on SEDAR. In the United States, the common shares and warrants were offered and sold on a private placement basis pursuant to exemptions from, or in transactions not subject to, the registration requirements of the United States Securities Act of 1933, as amended, and all applicable state securities laws. No securities were offered or sold to Canadian purchasers."
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Leidos Holdings, Inc. (NYSE: LDOS) provides services and solutions in the defense, intelligence, civil, and health markets in the United States and internationally. It operates through three segments: Defense Solutions, Civil, and Health. The Defense Solutions segment offers national security solutions and systems for air, land, sea, space, and cyberspace for the U.S. Intelligence Community, the Department of Defense, the National Aeronautics and Space Administration, military services, and government agencies of U.S. allies abroad, as well as other federal and commercial customers in the national security industry.
Huntington Ingalls Industries, Inc. (NYSE: HII) engages in designing, building, overhauling, and repairing military ships in the United States. Last month the Company announced the commercial release of its REMUS 300 unmanned underwater vehicle (UUV). This new, open architecture, small-class UUV can dive to depths of 305 meters (1,000 feet) and has endurance options up to 30 hours. "The REMUS 300 is the most advanced small-class UUV on the market," said Duane Fotheringham, president of the Unmanned Systems business group in HII's Technical Solutions division. "It combines everything we've learned from more than 20 years of development on our REMUS 100 systems with enhancements like advanced modularity and a more robust structure and sensors. We're excited to offer this solution to customers who are looking to dive deeper and go longer with a flexible, man-portable system."
General Dynamics Corporation (NYSE: GD) is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. Earlier this year, General Dynamics Information Technology (GDIT), a business unit of General Dynamics, reported that it has been selected as one of three prime contractors on the U.S. Department of State's Global Support Strategy (GSS) 2.0 indefinite delivery, indefinite quantity contract vehicle (IDIQ). The IDIQ, awarded in fourth-quarter 2020, has a total estimated value of up to $3.3 billion over a 10 year period, inclusive of a one-year base period and nine one-year options.
Honeywell International Inc. (NASDAQ: HON) operates as a diversified technology and manufacturing company worldwide. Last month the Company announced that it has launched a new series of miniature inertial measurement units that are ruggedized to offer best-in-class accuracy along with the durability to survive high-shock environments. Roughly the size of a water bottle cap, the new HG1125 and HG1126 inertial measurement units (IMUs) are low-cost and serve both commercial and military applications. "Low-cost, ultra-rugged IMUs are in high demand across a variety of market segments where customers need high-performance navigation, but they're limited by size or cost constraints," said Matt Picchetti, vice president and general manager, Navigation & Sensors, Honeywell Aerospace. "Our new HG1125 and HG1126 products meet all of these requirements, making them an ideal solution for customers operating in a wide variety of high-shock environments, including everything from military tactical operations to industrial applications like drilling."
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