Decade Resources Ltd.
TSX VENTURE : DEC

Decade Resources Ltd.

October 27, 2009 17:34 ET

Decade Resources Ltd.: $400,500 Private Placement Fully Subscribed and Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2009) - Decade Resources Ltd. ("Decade" or the "Company") (TSX VENTURE:DEC) reports the second tranche of the private placement, for gross proceeds of $400,500, announced on September 16, 2009, has now closed. All of the shares, warrants and any shares issued upon the exercise of the warrants comprising the units are all subject to a hold period and may not be traded in Canada until February 21, 2010, and any shares and warrants issued upon the exercise of a compensation option paid as a finder's fee are subject to a hold period and may not be traded in Canada until February 23, 2010, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange. A compensation option exercisable for 11,236 units of the Company and the sum of $5,000.02 was paid as a finder's fee in connection with the private placement. The finder's fee units have the same terms as the private placement units. Insiders of the Company subscribed for units totaling $180,500 of the private placement.

Decade Resources Ltd. is a Canadian based mineral exploration company which is actively seeking opportunities in the resource business. The Company holds an option to earn up to a 60% interest in the Red Cliff property with an option to earn an additional 20%, dependent on Mountain Boy shareholder approval, by making certain cash and share payments to Mountain Boy Minerals Ltd and incurring exploration expenditures. Decade also has an option to earn a 100% interest in the Silver Crown 6 claim, adjoining the Red Cliff property to the north.

ON BEHALF OF THE BOARD OF DIRECTORS

Andrew Bowering, Chief Financial Officer/Director

"This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Decade Resources Ltd.
    Andrew Bowering
    604-662-8184