Defiance Silver Corp. Closes First Tranche of Private Placement
NEWS RELEASE
FOR RELEASE: April 17, 2012 TSXV: DEF
Defiance Silver Corp. Closes First Tranche of Private Placement
Defiance Silver Corp (TSXV: DEF) (the “Company”). Further to the Company’s news release of February 17, 2012, the Company is pleased to announce that it has completed a first tranche closing of its non-brokered private placement and issued 1,144,500 Units at a price of $0.50 per Unit for gross proceeds of $572,250. Each Unit is comprised of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one additional common share for a period of twelve months from the date of closing at price of $0.65 per share. The securities are subject to a four month hold period expiring August 18, 2012. No finder’s fees are payable in connection with the first tranche of the private placement.
The Company advises it will no longer be proceeding with the brokered portion of the private placement with Union Securities Ltd.
The proceeds of the private placement will be used by the Company to continue developing its projects in Zacatecas Silver Mining District in Zacatecas State, Mexico, including refurbishing the Santa Gabriela Mill and development of the San Acacio Mine, and for general working capital purposes.
On behalf of Defiance Silver Corp.
“Bruce Winfield”
President and CEO
Neither 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 release.
_____________________________________________________________________________________________ 1500 – 409 Granville Street www.defiancesilver.com Vancouver, BC V6C 1T2 Tel: 778-729-0333
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Defiance does not assume the obligation to update any forward-looking statement.