Decade Resources closes $1.17-million private placement

Executive Summary

• Decade Resources Ltd. has closed a private placement raising a total of $1,170,000 in gross proceeds.
• The financing consisted of two tranches: 24.25 million flow-through units and 5 million non-flow-through units, both priced at $0.04 per unit.
• Proceeds are designated for Canadian exploration expenses and critical mineral mining expenditures on British Columbia properties (flow-through) and general working capital (non-flow-through).

Key Details

• Total Gross Proceeds: $1,170,000
• Flow-Through Units:
  • Quantity: 24,250,000 units
  • Price: $0.04 per unit
  • Gross Proceeds: $970,000
  • Composition: One flow-through common share and one transferable non-flow-through common share purchase warrant per unit.
  • Warrant Terms: Exercisable at $0.06 per share for a 24-month period.
  • Use of Proceeds: Incurring flow-through expenses qualifying as Canadian exploration expenses and flow-through critical mineral mining expenditures; specifically for the company's British Columbia properties.
• Non-Flow-Through Units:
  • Quantity: 5,000,000 units
  • Price: $0.04 per unit
  • Gross Proceeds: $200,000
  • Composition: One non-flow-through common share and one transferable non-flow-through common share purchase warrant per unit.
  • Warrant Terms: Exercisable at $0.06 per share for a 36-month period.
  • Use of Proceeds: General working capital.
• Statutory Hold Period: 4 months from issuance, expiring March 22, 2026.
• Finder’s Fees:
  • Cash Fees: $86,800 paid to finders.
  • Warrants Issued: 2,170,000 warrants to finders at $0.06 per share.
  • Finder Warrant Expiry: November 21, 2027 (24-month period).
• Restrictions: No proceeds used for payments to non-arm's-length parties or investor relations activities. No specific allocation for funds representing 10% or more of gross proceeds.

Notable Quotes

• None provided in the text.