Stewart, BC – Decade Resources Ltd. (the “Company”) announces it is using its best efforts to complete a non-brokered private placement of flow-through units to raise aggregate gross proceeds of up to $1,000,000 and non flow through units to raise up to $100,000.
The flow-through offering will be comprised of up to 10,000,000 flow-through units, at a price of $0.10 per flow-through unit, for gross proceeds of up to $1,000,000 and 1,000,000 non flow through units at a price of $0.10 for gross proceeds of $100,000. Each flow-through unit will be comprised of 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 $0.12 per share, for a two-year period. Each non flow-through unit will be comprised of one 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 $0.12 per share, for a two-year period.
Based on the positive visual results of drilling on the Del Norte, the Company has decided to increase the work program to follow up on both visual surface results as well as visual drill results. Assays are delayed from laboratories due to the great demand occurring over a short period of time. Assay turn around is expected to be 7-8 weeks based on discussions with laboratories.
To date approximately 4000m of NQ drilling has been completed in 16 drill holes testing the Kosciuszko, LG Deep and Eagle’s Nest zones. The Company plans further holes in excess of 300 m to test the depth extension of the LG Deep mineralization. Past drilling has indicated that mineralized systems in the Argo deformation zone (LG Deep and LG vein) are silver rich with significant gold values over wide intersections. In addition, surface work on the Lord Nelson has been successful in outlining copper mineralization over a wide area. With significant gold associated with the copper, the Company plans more channel saw cuts, mapping, sampling and drilling the Del Norte/Lord Nelson boundary area.
Mr. Eric Sprott has agreed to invest $500,000 in the private placement, for the acquisition of 5 million units.
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 (“MI 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 units issued to or the consideration paid by such persons will not exceed 25% of the Company’s market capitalization. Finders’ fees may be payable in connection with the private placement.
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.