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Decade Resources Ltd. (TSXV: DEC,OTC:DECXF) ("Decade" or the Company) is pleased to announce that it has closed its previously announced private placement.
A total of 24,250,000 flow-through units were issued on a private placement basis at a price of 4 cents per unit, for aggregate gross proceeds of $970,000. Each unit comprised one flow through common share and one transferable non flow through common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.06 per share, for a 24-month period.
A total of 5,000,000 non-flow-through units were issued on a private placement basis at a price of 4 cents per unit, for aggregate gross proceeds of $200,000. Each unit comprised one non flow through common share and one transferable non flow through common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.06 per share, for a 36-month period.
All of the proceeds from the sale of flow-through units will be utilized for incurring flow-through expenses that qualify as Canadian exploration expenses and flow-through critical mineral mining expenditures as defined in the Income Tax Act (Canada). Flow-through proceeds will be spent on the company's B.C. properties. All of the proceeds from the non flow through units will be used for general working capital. None of the proceeds from the financing will be used for payments to non-arm's-length parties of the company or to persons conducting investor relations activities. The company has not allocated any specific use for funds representing 10 per cent or more of the gross proceeds.
All securities that were issued are subject to a statutory hold period of four months from the date of issuance, expiring March 22, 2026, in accordance with applicable securities laws.
In consideration for introducing certain subscribers to the private placement, the company paid cash finder's fees totaling $86,800 and issued 2,170,000 warrants at $0.06 to the finders. The warrants are exercisable for a 24-month period and expire on November 21, 2027.
Decade Resources Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Decade holds numerous properties at various stages of development and exploration from basic grass roots to advanced ones. Its properties and projects are all located in the "Golden Triangle" area of northern British Columbia. For a complete listing of the Company assets and developments, visit the Company website at www.decaderesources.ca which is presently being updated. For investor information please call 250-636-2264 or Gary Assaly at 604-377-7969.
ON BEHALF OF THE BOARD OF Decade Resources Ltd.
"Ed Kruchkowski"
Ed Kruchkowski, President
"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 release."
"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275759
