On May 25, 2021 Defiance Silver Corp. (“Defiance” or the “Company”) announced that due to significant demand, the Company had increased the size of its previously announced private placement with Red Cloud Securities Inc. (“Red Cloud”) to sell up to 12,777,778 units of the Company (the “Units”) at a price of C$0.90 per Unit (the “Offering Price”) for gross proceeds of up to C$11,500,000 (the “Offering”). The Company and Red Cloud have further agreed to eliminate the previously disclosed agent’s option.

Peterson McVicar LLP acted for Red Cloud Securities Inc. with a team that included Dennis Peterson, Jonathan Clark and Jude Gee.