TORONTO, Sept. 14, 2020 /CNW/ - Baselode Energy Corp.
("Baselode" or the "Company") (TSXV: FIND) is
pleased to announce a non-brokered private placement of
flow-through units (the "FT Units") and non-flow-through units (the
"NFT Units") for gross proceeds of up to $1,200,000 (the "Offering"). Red Cloud Securities
Inc. is acting as a finder in connection with the Offering.
"The company recently received final results from the Mobile MT
survey at our 100% owned Shadow Project that are highlight
attractive. The survey outlined an extensive structural network
which shares geophysical similarities with other high-grade uranium
deposits, such as NexGen's Arrow and Cameco's Key Lake deposits.
This financing will allow us to initiate a maiden diamond drill
program to test these shallow targets," said James Sykes, President & CEO
Each FT Unit is being offered at a price of C$0.26 and will be comprised of one common share
of the Company and one half non flow-through common share purchase
warrant (a "Warrant"). Concurrently, NFT Units will be offered at a
price of $0.26 per NFT Unit
consisting of one common share and one common share purchase
warrant. One common share purchase warrant from either the FT Units
or the NFT Units will entitle the holder to purchase one non
flow-through common share of the Company at a price of $0.40 for a period expiring 30 months following
the closing date of the Offering.
The net proceeds from the Offering will be used for general
corporate purposes but primarily used for exploration work at the
company's Shadow Project and Hook Project. Both
projects are testing for basement uranium targets in the
Athabasca Basin in Saskatchewan, Canada.
About Baselode Energy
Baseload is a uranium exploration company less than 29 million
shares outstanding. Baselode is focused on discovering a uranium
orebody in the Athabasca basin in
Saskatchewan, Canada.
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. 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
