Stewart, British Columbia--(Newsfile Corp. - October 1, 2024) - Decade Resources Ltd. (TSXV: DEC) ("Decade" or the Company) is pleased to announce that it has closed its previously announced private placement.
A total of 29,714,286 units were issued on a private placement basis at a price of 3.5 cents per unit, for aggregate gross proceeds of $1,040,000. Each unit comprised one common share and one transferable common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.06 per share, for a 5-year period.
It is expected that the majority of the proceeds will be used for general working capital purposes. The Company may use more then 10% of the funds towards exploration on its BC Properties. None of the proceeds from the financing will be used for payments to non-arm's-length parties of the company other than normal course compensation of its officers, directors, employees and consultants as part of general working capital purposes, or to persons conducting investor relations activities.
All securities that were issued are subject to a statutory hold period of four months from the date of issuance, expiring Jan. 31, 2025, in accordance with applicable securities laws.
In consideration for introducing certain subscribers to the private placement, the company paid a cash finder's fee totaling $71,400 and issued 2,040,000 warrants at $0.06 to a finder.
The Company further announces that there will not be a Tranche 2 of its Flow Through PP, originally announced on August 19, 2024. The first trance closed on September 11, 2024. The Company currently has enough funding to complete the Del Norte option.
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
"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."
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SOURCE: Decade Resources Ltd.
