Stewart, BC – Decade Resources Ltd. (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement. A total of 10,000,000 units were issued at the price of $0.05 per unit to raise $500,000. Each 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 36 months, one additional common share of the Company, at a price of $0.055 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 February 4, 2019, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
The proceeds of the private placement will be expended on the Company's Red Cliff property and for working capital purposes.
Early Warning Disclosure
Maxwell A. Munday, of 5423 Moreland Drive, Burnaby, British Columbia, V5G 1Z7, acquired control of 10,000,000 units in the private placement. After giving effect to the private placement, Mr. Munday controls a total of 13.49% of the Company's issued and outstanding common shares on a non-diluted basis or 28.93% on a partially-diluted basis assuming exercise of his warrants only. Mr. Munday has advised that he acquired the units for investment purposes and intends to evaluate his investment in the Company and to increase or decrease his shareholdings from time to time as he may determine appropriate.
The Company announces that drilling is continuing on the Red Cliff property. Assay results for early drill holes will be announced once they are received and tabulated.
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.