Decade Resources Closes Tranche 1 of Flow Through Private Placement for Total Gross Proceeds of $481,000
Rhea-AI Summary
Decade Resources (TSXV: DEC) has closed tranche 1 of its flow-through private placement, raising $481,000 in gross proceeds. The company issued 9,620,000 flow-through units at $0.05 per unit, each comprising one flow-through common share and one transferable non-flow-through warrant exercisable at $0.08 per share for 24 months. Directors acquired 5 million units for $250,000, considered a related party transaction but exempt from formal valuation and minority shareholder approval requirements. Proceeds will fund Canadian exploration expenses and flow-through critical mineral mining expenditures on the company's BC properties. Securities are subject to a four-month hold period expiring January 11, 2025.
Positive
- Raised $481,000 in gross proceeds through flow-through private placement
- Directors showed confidence by acquiring $250,000 worth of units
- Warrants provide potential for additional capital at $0.08 per share
Negative
- Potential dilution for existing shareholders due to issuance of 9,620,000 new units
- Related party transaction with directors acquiring a significant portion of the placement
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
Directors of the company acquired 5 million flow-through units for
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
“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
FAQ
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