Stewart, BC – Decade Resources Ltd. (“Decade” or the Company) has closed a non-brokered private placement of flow-through and non-flow-through units to raise aggregate gross proceeds of $922,000.
A total of 2,683,334 flow-through units were issued at the price of 12 cents per unit to raise $322,000 and 6,000,000 non-flow-through units were issued at the price of 10 cents per unit to raise $600,000. Each flow-through unit consists of one flow-through common share of the company and one transferable non-flow-through common share purchase warrant. Each warrant entitles the holder to purchase, for a period of 42 months, one additional common share of the company, at a price of 16 cents per share. Each non flow-through unit consists of one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder to purchase, for a period of 24 months, one additional common share of the company, at a price of 16 cents per share.
All of the shares and warrants, and any shares issued upon exercise of the warrants comprising the units, are subject to a hold period and may not be traded in Canada until March 3, 2023, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
In consideration for introducing certain subscribers to the private placement, the company paid a cash finder’s fee totaling $26,000 and issued 166,667 warrants at $0.16 to certain finders.
The proceeds from the sale of the flow-through units will be expended on the company’s properties located in British Columbia and the proceeds from the sale of non-flow-through units will be used for working capital purposes.
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.
BY ORDER OF THE BOARD OF DIRECTORS OF DECADE RESOURCES LTD
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.”