Baselode Closes $3.5M Private Placement
Baselode Closes $3.5M Private Placement
TORONTO
,
Dec. 15, 2020
/CNW/ - Baselode Energy Corp. ("
Baselode
" or the "
Company
") (TSXV:
FIND) is pleased to announce that it has closed its previously announced and upsized
$3.5M
private
placement for gross proceeds of
$3,505,000
. The net proceeds from the Offering will be used for
exploration work at the company's
Shadow Project
and
Hook Project
. Both projects are targeting
basement-hosted uranium in the
Athabasca
Basin area, northern
Saskatchewan, Canada
.
Upon closing of the financing, the Company issued:
8,445,000 Flow-Through Units ("FT Units") at a price of
$0.40
per unit for gross proceeds of
$3,378,000
, where each FT Unit consists of one flow through common share and one half of one
common share purchase warrant. Each whole warrant will entitle the holder to purchase one
additional common share of the Company at a price of
$0.60
for a period of 24 months from the
date of issue; and
317,500 Non-Flow-Through Units ("NFT Units") at a price of
$0.40
per unit for gross proceeds of
$127,000
, where each NFT Unit consists of one common share and one half of one common
share purchase warrant. Each whole warrant will entitle the holder to purchase one additional
common share of the Company at a price of
$0.60
for a period of 24 months from the date of
issue.
In accordance with applicable securities laws in
Canada
, the common shares and warrants issued as
part of the Flow-Through Units and the Non-Flow-Through Units under this Offering will be subject to a
four month and one day hold period from the date of closing of the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States
. The securities 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 state securities
laws and may not be offered or sold within
the United States
or to, or for the account or benefit of,
U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws,
unless an exemption from such registration is available.
In consideration for introducing certain subscribers to the Offering for the two additional tranches, the
Company has paid certain arm's length finders an aggregate of
$214,711.56
in cash and 536,779
finder's warrants. Each finder's warrant entitles the holder, on exercise thereof, to purchase one
common share at a price of
$0.40
for a period of 24 months.
About Baselode Energy
Baseload is a uranium exploration company which is focused on discovering a uranium orebody in the
Athabasca
basin in
Saskatchewan, Canada
.
N
either 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.
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 filings by the
Company with Canadian securities regulators, which filings are available under Baselode Energy
Corp. profile at
www.sedar.com
.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States
. The securities 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 state securities
laws and may not be offered or sold within
the United States
or to, or for the account or benefit of,
U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws,
unless an exemption from such registration is available.
SOURCE
Baselode Energy Corp.
View original content:
http://www.newswire.ca/en/releases/archive/December2020/15/c2232.html
%SEDAR: 00044947E
For further information:
Baselode Energy Corp., FIND on the TSXV, James Sykes, President and
CEO, [email protected], 306-221-8717, www.baselode.com
CO: Baselode Energy Corp.
CNW 09:01e 15-DEC-20