Power Ore Updates on Rider Transaction and its Financing
Power Ore Updates on Rider Transaction and
its Financing
TORONTO
,
May 1, 2020
/CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to report that Rider Investment Capital Corp ("Rider"), is undertaking a
$700,000
equity
financing ("Financing") and that it will change its name to Baselode Energy ("Baselode").
Baselode will focus on energy metals, including uranium and will be lead by
James Sykes
, a
renowned geologist specializing in the
Athabasca
basin with a proven track record of discovery,
including NexGen Energy's (NXE:TSX) Arrow deposit.
For more information on Baselode, please see its Presentation & Webinar linked below:
White Lies about Green Energy - Webinar
Baselode Corporation Presentation
Baselode's Financing Terms & Availabilty
Any accredited investors interested in participating in Baselode's IPO financing should contact
Stephen Stewart
in the near term at
. Pricing is as follows:
10 cents
for Hard Dollar Units which includes a common share plus one half warrant exercisable
at at
15 cents
for 2 years.
12 cents
for Flow Through Units which includes a common share plus one half warrant
exercisable at
17 cents
for 2 years.
Power Ore and Baselode's Qualifying Transaction
Power Ore owns approximately 80% of Baselode's shares resulting from the sale of its Mann Mine,
as announced in the
February 25, 2020
news release.
Baselode is currently a Canadian Capital Pool Company ("CPC") listed on the TSX Venture
Exchange and is in the process of completing its Qualifying Transaction ("QT") to concurrent with the
acquisition of Power Ore's Mann Mine.
Completion of Baselode's Financing and QT remains subject to the approval of the TSX Venture
Exchange. The Financing may include any combination of Hard Dollar Units and Flow Through Units.
All securities issued pursuant to the Financing will be subject to a statutory four month and one day
hold period. Subscription agreements are available upon request. The financing is only available to
accredited investors.
Results of Baselode's Annual General and Special Meeting
Baselode's shareholders have approved all resolutions brought before them at the Company's
Annual General and Special Meeting of Shareholders held on
April 30, 2020
, including the change of
the name of the corporation to Baselode Energy Corp.
For information and updates on Power Ore, please visit:
www.powerore.com
And please follow us on Twitter @PowerOre
Neither 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. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. 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 PowerOre Inc. Additional information identifying risks and
uncertainties is contained in filings by PowerOre Inc. with Canadian securities regulators, which
filings are available under PowerOre Inc. profile at
www.sedar.com
.
SOURCE
Power Ore
View original content:
http://www.newswire.ca/en/releases/archive/May2020/01/c1081.html
%SEDAR: 00045293E
For further information:
Stephen Stewart, Chief Executive Officer, Phone:
416.644.1571, Email:
[email protected], www.powerore.com
CO: Power Ore
CNW 07:00e 01-MAY-20