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Decade Resources Announces a $720,000 Increase to the Private Placement Financings for Total Gross Proceeds of $2,970,000
Stewart, British Columbia--(Newsfile Corp. - August 17, 2023) - Decade Resources Ltd (TSXV: DEC) ...
About this update from Decade Resources Ltd.
[{"type":"text","content":"Decade Resources Announces a $720,000 Increase to the Private Placement Financings for Total Gross Proceeds of $2,970,000Stewart, British Columbia--(Newsfile Corp. - August 17, 2023) - Decade Resources Ltd (TSXV: DEC) (\"Decade\" or the \"Company\") is pleased to announce a $720,000 increase to the private placement financings announced on August 14th, to accommodate increased investor demand.Decade has amended the agreement with REDPLUG Inc. to increase the size of the bought deal private placement by $480,000. Pursuant to the amended agreement, REDPLUG Inc. has agreed to purchase, on a bought deal private placement basis, 8,250,000 flow through units at a price of $0.24 per unit, for aggregate gross proceeds of $1,980,000 (the \"Brokered Financing\").Decade has also increased the size of the non-brokered private placement by $240,000. Decade will issue 2,750,000 flow through units at a price of $0.24 per unit, for gross proceeds of $660,000, and 1,650,000 non-flow-through units at a price of $0.20 per unit, for gross proceeds of $330,000. (the \"Non-Brokered Financing\").The Company expects to raise total gross proceeds of $2,970,000 from the Brokered Financing and the Non-Brokered Financing (together, the \"Offering\").The unit terms remain the same as announced on August 14th.The share included in the non-flow-through unit is a common share.The share included in the flow-through unit is a \"flow-through share\" as defined in the Income Tax Act (Canada).Both the non-flow-through unit and the flow-through unit include one transferable warrant exercisable for the purchase of one additional common share, at a price of $0.32 per share, for 2 years.The Offering is fully allocated.Ed Kruchkowski, President of the Company comments: \"The strong response to the financing, and high volume on the market, are a testament to the excitement surrounding our August 8th announcement of a major copper discovery at our 100%-owned Nobody Knows copper project, near Terrace, BC. We appreciate the support of all of our shareholders, old and new.\"Proceeds from the sale of non-flow-through units will be used for general corporate purposes.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 defi...