Business
Decade Announces Closing of Non-Brokered Private Placement of Flow-Through and Non Flow-Through Units
Stewart, British Columbia--(Newsfile Corp. - September 25, 2020) -  Decade Resources Ltd....
About this update from Decade Resources Ltd.
[{"type":"text","content":"Decade Announces Closing of Non-Brokered Private Placement of Flow-Through and Non Flow-Through UnitsStewart, British Columbia--(Newsfile Corp. - September 25, 2020) -  Decade Resources Ltd. (TSXV: DEC) (the \"Company\") is pleased to announce that the Company has closed its previously-announced non-brokered private placement (the \"Private Placement\"). Pursuant to the Private Placement, the Company issued an aggregate of 10,000,000 flow-through units (each, a \"FT Unit\") at the price of $0.10 per FT Unit for gross proceeds of $1,000,000 and 1,000,000 non flow-through units (each, a \"Unit\") at the price of $0.10 per Unit for gross proceeds of $100,000.Each FT Unit consists of one flow-through common share of the Company (each, a \"FT Common Share\") and one transferable non-flow-through common share purchase warrant (each, a \"Warrant\"). Each Unit consists of one Common Share of the Company and one Warrant. Each Warrant will entitle the holder, on exercise thereof, to purchase one additional common share (each, a \"Common Share\"), at a price of $0.12 per Common Share, for a period of 24 months from the date of issuance. The proceeds of the Private Placement will be expended on the Company's drilling programs on the Del Norte/Lord Nelson boundary areas. In consideration for introducing certain subscribers to the Private Placement, the Company paid a cash fee totaling $3,900 to certain finders. Certain insiders of the Company acquired 1,250,000 FT Units pursuant to the Private Placement. The issuance of Units to insiders is a \"related party transaction\" under the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement, as the details of the Private Placement were not settled until shortly prior to closing and the Company wished to close on ...