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Decade Resources Announces Brokered and Non-Brokered Private Placements for Total Gross Proceeds of $2,250,000
Stewart, British Columbia--(Newsfile Corp. - August 14, 2023) - Decade Resources Ltd (TSXV: DEC) ...
About this update from Decade Resources Ltd.
[{"type":"text","content":"Decade Resources Announces Brokered and Non-Brokered Private Placements for Total Gross Proceeds of $2,250,000Stewart, British Columbia--(Newsfile Corp. - August 14, 2023) - Decade Resources Ltd (TSXV: DEC) (\"Decade\" or the Company) is pleased to announce that it has entered into an agreement with REDPLUG Inc. (\"REDPLUG\") pursuant to which REDPLUG has agreed to purchase, on a bought deal private placement basis, 6,250,000 flow through units at a price of $0.24 per unit, for aggregate gross proceeds of $1,500,000 (the \"Brokered Financing\").Decade will also complete a non-brokered private placement for 2,000,000 flow through units, at a price of $0.24 per unit, for gross proceeds of $480,000, and for 1,350,000 non-flow-through units at a price of $0.20 per unit, for gross proceeds of $270,000. (the \"Non-Brokered Financing\"). The Company expects to raise total gross proceeds of $2,250,000 from the Brokered Financing and the Non-Brokered Financing (together, the \"Offering\").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 $300,000 financing announced on August 10, 2023, has been cancelled. Decade directors, Edward Kruchkowski and Randolph Kasum, will purchase 1,250,000 flow-through units of the Non-Brokered Financing for gross proceeds of $300,000.Ed Kruchkowski, President of the Company, comments: \"With these funds, Decade's 2023 exploration campaign will be greatly expanded, and fully funded. Our intention is to continue drilling aggressively at our 100% owned Nobody Knows property, where recent diamond drilling has intersected thick intervals of copper sulphides in felsic volcanic rocks. The discovery holes show similarities to many of the world's major sediment-hosted copper systems. Assay results are pending.\"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 expen...