Decade Resources Closes Tranche 1 of Flow Through Private Placement for Total Gross Proceeds of $481,000
Stewart, British Columbia--(Newsfile Corp. - September 11, 2024) - Decade Resources Ltd. (TSXV: DEC) ("Decade" or the Company) is pleased to announce that it has closed tranche 1 of its previously announced flow through private placement.
A total of 9,620,000 flow-through units were issued on a private placement basis at a price of 5 cents per unit, for aggregate gross proceeds of $481,000. Each unit comprised 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 $0.08 per share, for a 24-month period.
Directors of the company acquired 5 million flow-through units for $250,000. These transactions are considered to be related party transactions, as defined under Multilateral Instrument 61-101. However, they are exempt from the formal valuation and minority shareholder approval requirements as neither the fair market value of the shares issued to, or the consideration paid, exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.
Proceeds from the sale of flow-through units will be utilized for incurring flow through expenses that qualify as Canadian exploration expenses and flow-through critical mineral mining expenditures as defined in the Income Tax Act (Canada). Flow-through proceeds will be spent on the Company's BC properties.
All securities that were issued are subject to a statutory hold period of four months from the date of issuance, expiring Jan. 11, 2025, in accordance with applicable securities laws.
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"
Ed Kruchkowski, President
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“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.”
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