Decade Resources Ltd. has closed a first tranche of its previously announced non-brokered private placement. A total of four million non-flow-through units were issued at the price of nine cents per unit to raise $360,000. Each unit consists of one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder to purchase, for a period of 24 months, one additional common share of the company, at a price of 11.5 cents per share. The warrant exercise price, as disclosed in the Nov. 20, 2014, news release at 10 cents, was changed to 11.5 cents.
A finder's fee of $28,800 was paid in cash and 320,000 finders' units issued in respect to the first tranche of the financing. Each finder's unit consists of one common share of the company and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase, for a period of 24 months, one common share of the company at a price of 11.5 cents.
All of the shares and warrants, and any shares issued upon exercise of the warrants comprising the units, are subject to a hold period and may not be traded in Canada until April 17, 2015, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
The proceeds for the private placement will be used for working capital purposes.
Flow-through private placement terms amended
Further to the company's news release of Nov. 20, 2014, announcing a private placement of flow-through and non-flow-through units, the price of the flow-through units has been changed from 13 cents to 10 cents per flow-through unit. All other terms of the flow-through units remain the same.