Stewart, BC – Decade Resources Ltd (“Decade” or the Company) announces that it has cancelled the June 13 2022 private placement and is using its best efforts to complete a non-brokered private placement of non-flow-through shares to raise aggregate gross proceeds of up to $806,000.
The offering of non-flow-through shares will comprise up to 6,200,000 units, at a price of thirteen cents per unit, for gross proceeds of up to $800,000. Each unit will comprise one share at $0.13 and one half a share warrant exercisable at $0.15 for a period of 2 years.
The proceeds from the sale of the shares will be used for working capital purposes.
Certain directors and officers of the company may participate in the private placement. Any such participation would be considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will not exceed 25 per cent of the company’s market capitalization. Finders’ fees may be payable in connection with the private placement.
To date, the Company has been conducting surface exploration on properties that require assessment work. Work is being completed at the Grassy, Premier East, Goat and Terrace properties. The Company has located some new copper rich showings to the east of its Treasure Mountain claims. Width of this new zone appears to be up to 5 m. Samples are being sent to MSA labs for analysis.
The Company also announces farmout of the Dar claims to a private company for cash payments and stock. The deal is for $110,000 cash, 400,000 shares and $2,000,000 expenditure over a 4 year period to earn 100%. The Company has received the initial payment of $10,000.00 with the rest due over the 4 year period. Shares will be received upon listing of the new entity.
The Company also announce the grant of 1,500,000 share options to several individuals. The options will be exercisable at $0.15 per share for a period of 5 years.
Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101 is responsible for the contents of this release. E. Kruchkowski is not independent of Decade as he is the president of the Company.
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, 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.”