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.
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 Corp.
