Decade Resources Ltd. (TSX VENTURE:DEC) - The Company is pleased to announce it has agreed with the MineralFields Group ("MineralFields") to complete a private placement to raise proceeds of $1,400,000. It has been agreed the offering will be comprised of 1,573,034 flow-through units at a price of $0.89 per unit. The units will be comprised of one common share and one-half of one non-flow-through warrant, with each whole warrant being exercisable for the purchase of an additional share, at a price of $1.00 per share, for a two year period.
The Company has agreed to pay a cash commission of 5% of the proceeds raised and a warrant equal to 10% of the units sold, exercisable at a price of $0.89 per unit for a two year period.
Non-Brokered Private Placement to Raise up to an Additional $400,500
The Company is also pleased to announce it will undertake an additional private placement of up to 450,000 flow-through units to raise an additional $400,500, on the same terms as the MineralFields private placement. Management of the Company will subscribe for the majority of this private placement. No finder's fees are payable in connection with management's investment.
Proceeds of the offerings will be expended on mineral exploration on the Company's Red Cliff property. The private placements remain subject to receipt of necessary stock exchange approvals.
Decade Resources Ltd. is a Canadian-based mineral exploration company whose activities are in the Stewart area of British Columbia. The Company intends on exploring for gold-copper metals on its Red Cliff property in the Stewart area.
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mi ning and oil and gas exploration companies to date through First Canadian Securities (R).
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Bowering, Director
SOURCE: Decade Resources Ltd.
Decade Resources Ltd.
Andrew Bowering
Director
(250) 636-9283
(250) 636-2446 (FAX)
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