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First Legacy to change name to Defense Metal

First Legacy Mining Corp. secured TSX Venture Exchange approval to change its name to Defense Metal Corp., with effect from Dec. 27 market opening.

The company's stock is expected to resume trading on or around Jan. 2, 2019, under the DEFN trading symbol, it said Dec. 21.

The exchange also approved First Legacy's option to acquire Spectrum Mining Corp., which holds the Wicheeda rare earth element project in British Columbia.

As part of the acquisition, the company plans to raise gross proceeds of C$320,000 via an oversubscribed nonbrokered private placement of 1,280,000 flow-through common shares at 25 Canadian cents apiece.

The proceeds from the placement are set to be channeled toward Wicheeda.