Business
Decade Announces Share Consolidation and Financing
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - Decade Resources Corp. (TSXV...
About this update from Decade Resources Ltd.
[{"type":"text","content":"Decade Announces Share Consolidation and FinancingVancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - Decade Resources Corp. (TSXV: DEC) (the \"Company\") announces that it is proceeding with a consolidation of its issued and outstanding share capital on the basis of one post-consolidated common share for every five pre-consolidated common shares (the \"Consolidation\"). No fractional shares will be issued as any fractional share will be rounded to the nearest whole number.The Consolidation is subject to final confirmation by the TSX Venture Exchange (the \"Exchange\"). The effective date of the Consolidation will be announced in a separate news release once the Company receives approval from the Exchange. As a result of the Consolidation, it is expected that the 254,001,485 common shares which are currently issued and outstanding will be reduced to approximately 50,800,297 common shares, subject to rounding.Shareholders who hold their common shares through a securities broker or other intermediary and do not have common shares registered in their name will not be required to take any measures with respect to the Consolidation. Letters of transmittal with respect to the Consolidation will be mailed shortly to all registered shareholders of the Company. All registered shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing the pre-consolidated common shares to the Company's transfer agent, Computershare Trust Company of Canada, will receive a certificate representing the post-consolidated common shares.The Company believes that the Consolidation may have the effect of, among other things: increasing the interest of the financial community in the Company and potentially broadening its pool of investors; improving trading liquidity; and reducing trading commissions and other transaction costs for shareholders. The Company is also pleased to announce a non-brokered private placement (the \"Private Placement\") of up to 2,727,272 flow through shares (the \"FT Shares\") at a price of $0.22 per FT Share and up to 2,000,000 units (the \"Units\") at a price of $0.13 per Unit. The Units are non-flow through. Each Unit will consist of one common share and one-half share purchase warrant, with each whole share purchase warrant being exercisable for a period of ...