Decade Resources Closes Private Placement for Total Gross Proceeds of $1,040,000
Rhea-AI Summary
Decade Resources (TSXV: DEC) has successfully closed its previously announced private placement, raising gross proceeds of $1,040,000. The company issued 29,714,286 units at 3.5 cents per unit, with each unit comprising one common share and one transferable common share purchase warrant. The warrants are exercisable at $0.06 per share for a 5-year period.
The majority of the proceeds will be used for general working capital purposes, with the possibility of allocating over 10% towards exploration on BC Properties. The company paid a cash finder's fee of $71,400 and issued 2,040,000 warrants at $0.06 to a finder. All securities issued have a statutory hold period until January 31, 2025.
Decade Resources also announced that there will not be a Tranche 2 of its Flow Through PP, as the company has sufficient funding to complete the Del Norte option.
Positive
- Raised $1,040,000 in gross proceeds through private placement
- Issued 29,714,286 units at 3.5 cents per unit
- Each unit includes a warrant exercisable at $0.06 for 5 years
- Sufficient funding to complete the Del Norte option
Negative
- Potential dilution for existing shareholders due to new share issuance
- Cash finder's fee of $71,400 and 2,040,000 warrants issued to finder
News Market Reaction – DECXF
On the day this news was published, DECXF declined 35.77%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
It is expected that the majority of the proceeds will be used for general working capital purposes. The Company may use more then
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
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."
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225277