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.
“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.”
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223034
