Baselode Announces Closing of Second Tranche of Flow-Through Private Placement
Baselode Announces Closing of Second
Tranche of Flow-Through Private Placement
Toronto, Ontario--(Newsfile Corp. - May 25, 2023) - Baselode Energy Corp.
(TSXV: FIND) (OTCQB:
BSENF)
("
Baselode
" or the "
Company
") is pleased to announce the closing of the second tranche of
its previously announced non-brokered private placement (the "
Offering
"). Under the second tranche,
the Company sold 385,538 flow-through units of the Company (the "
FT Units
") at a price of C$0.48 per
FT Unit for gross proceeds to the Company of C$185,058.24 (the "
Offering
").
Each FT Unit consists of one common share of the Company issued as a "flow-through share" within the
meaning of the
Income Tax Act
(Canada) (each, a "
FT Share
") and one half of one common share
purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant will entitle the holder thereof to
purchase one common share (each, a "
Warrant Share
") at a price of C$0.70 at any time on or before
May 24, 2025. The FT Shares and Warrant Shares will be subject to a hold period of four months
expiring on September 26, 2023 in accordance with applicable securities laws.
The Company intends to use the proceeds raised from the Offering for exploration of the Company's
projects in the Athabasca Basin. Proceeds from the sale of FT Shares will be used to incur "Canadian
exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining
expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced
to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of
not less than the total amount of gross proceeds raised from the issue of FT Shares.
In connection with the first tranche of the Offering, the Company paid total cash commissions of
C$11,103.49 and issued 15,572 compensation warrants (each, a "
Compensation Warrant
"). Each
Compensation Warrant entitles the holder thereof to purchase one common share of the Company at a
price of C$0.48 at any time on ore before May 24, 2025.
The securities described herein have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any U.S. state securities laws, and
may not be offered or sold in the United States or to, or for the account or benefit of, United States
persons absent registration or an applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
About Baselode Energy Corp.
Baselode controls 100% of approximately 250,480 hectares for exploration in the Athabasca Basin
area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying
royalties.
The Company discovered the ACKIO near-surface, high-grade uranium deposit in September 2021.
ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5
separate zones, with mineralization starting as shallow as 28 m beneath the surface and down to
approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 200
m. ACKIO remains open to the west, south, and along the Athabasca sandstone unconformity to the east
and south.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted,
high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further
complemented by the Company's preferred use of innovative and well-understood geophysical methods
to map deep structural controls to identify shallow targets for diamond drilling.
For further information, please contact:
Baselode Energy Corp.
FIND on the TSXV
www.baselode.com
James Sykes, CEO, President and Director
306-221-8717
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX
Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is
based on current expectations that are subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested in any forward-looking statements.
Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in the forward looking-statements unless
and until required by securities laws applicable to Baselode Energy Corp. Additional information
identifying risks and uncertainties is contained in the Company's filings with Canadian securities
regulators, which filings are available under Baselode Energy Corp. profile at
www.sedar.com
.
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/167576