Stewart, BC -- Decade Resources Ltd. (the "Company") is pleased to report it has closed its previously announced non-brokered private placement.
The Company issued a total of 10,700,000 flow-through units, at a price of $0.06 per unit, to raise gross proceeds of $642,000. Each flow-through unit consists of one flow-through common share and one transferable warrant to purchase an additional common share, at $0.08 per share, until May 18, 2019. No finder's fees or commissions were paid in connection with the private placement.
All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period until September 19, 2017, except as permitted by applicable Canadian securities laws and TSX Venture Exchange requirements.
The proceeds from the private placement will be expended on the Company's mineral properties located in British Columbia.
Edward Kruchkowski, of 23 Templeside Bay N.E., Calgary, Alberta, T1Y 3L6, acquired ownership of 500,000 units in the private placement. Mr. Kruchkowski is a director and officer of the Company. K-6 Consulting Group Ltd., a company in which Mr. Kruchkowski owns 100% of the issued shares, and Mr. Kruchkowski's spouse, Hopi Kruchkowski, are deemed to be associates of Mr. Kruchkowski pursuant to Multilateral Instrument 62-104. Immediately prior to the private placement, Mr. Kruchkowski and his associates collectively held 9,881,219 common shares of the Company and 1,250,000 incentive stock options of the Company representing 11.55% of the Company's issued and outstanding common shares or 12.82% on a partially-diluted basis assuming the exercise of his stock options. After the private placement, Mr. Kruchkowski and his associates collectively held 10,381,219 common shares, 500,000 warrants and 1,250,000 incentive stock options of the Company representing 10.78% of the Company's issued and outstanding common shares or 12.37% on a partially-diluted basis assuming the exercise of his stock options and warrants. The private placement resulted in a 2.33% decrease in the shareholdings of Mr. Kruchkowski and his associates (2.55% decrease on a partially-diluted basis).
For copies of the early warning reports, please contact Mr. Kruchkowski at (250) 636-9283.
BY ORDER OF THE BOARD OF DIRECTORS OF
DECADE RESOURCES LTD
"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."