Decade Resources to Acquire Pro-Rata Portion of 1% NSR In Red Cliff/Montrose Property
TSX VENTURE: DEC
Stewart, British Columbia / October 23, 2017 / JMN Wire / Decade Resources Ltd., TSX-V: DEC (the "Company" or "Decade") is pleased to announce it has entered into a royalty purchase agreement (the "Agreement") with Mountain Boy Minerals Ltd. ("Mountain Boy") and an arm's length individual royalty holder (the "Vendor"), wherein the Company and Mountain Boy have agreed to purchase 100% of the Vendor's 1.0% net smelter return royalty ("NSR") in certain mineral claims known as the Red Cliff/Montrose property, situated in the Cassiar District, approximately 25 miles north of the Town of Stewart, British Columbia (the "Property").
The Company and Mountain Boy are, subject to royalties, beneficial owners of a 65% and 35% interest, respectively, in the Property; accordingly, the Company will purchase 65% of the NSR from the Vendor and Mountain Boy will purchase 35% of the NSR from the Vendor pursuant to the terms of the Agreement.
Under the terms of the Agreement, in consideration for their respective pro-rata portion of the NSR, Decade will pay $6,500 cash consideration and issue 280,000 common shares in the capital of the Company to the Vendor and Mountain Boy will pay $3,500 cash consideration and issue 171,428 common shares in the capital of Mountain Boy to the Vendor. At closing, following the transfer of the NSR to the Company and Mountain Boy, the NSR will be cancelled pursuant to the terms of the Agreement. The acquisition remains subject to approval of the TSX Venture Exchange.
Decade Resources Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Decade holds numerous properties at various stages of development and exploration from basic grass roots to advanced ones. Its properties and projects are all located in the "Golden Triangle" area of northern British Columbia. For a complete listing of the Company assets and developments, visit the Company website at www.decaderesources.ca