Baselode Announces Intention to Close Second Tranche of Private Placement

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Baselode Announces Intention to Close Second Tranche of Private Placement

by ahnationtalk on September 10, 2021133 Views

TORONTO, ONTARIO – September 9, 2021 – Baselode Energy Corp. (TSX.V: FIND.V, OTCQB: BSENF) (the “Company”) announces that, further to its news release dated August 30, 2021, the Company intends on closing a second tranche of its previously announced non-brokered private placement (the “Offering”) of flow-through units (“FT Units”) and non-flow-through units (the “Units”) of the Company. The closing of the second tranche is scheduled on or before September 30, 2021. Under the second tranche, the Company anticipates aggregate gross proceeds to the Company of up to $3,838,702.Each FT Unit will consist of one common share of the Company to be 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 issued under the second tranche will entitle the holder thereof to purchase one common share (each, a “Warrant Share”) at a price of C$0.75 at any time on or before September 30, 2023. Each Unit will consist of one common share of the Company and one half of one Warrant.

The Company confirms that there is no material information about the Company that has not been disclosed.

Net proceeds from the Offering will be used for exploration work at the Company’s Catharsis, Hook and Shadow projects. Work at these projects includes diamond drill testing for near-surface, basement-hosted, high-grade uranium targets in the Athabasca Basin area of northern Saskatchewan, Canada.

The gross proceeds from the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”), which will be renounced with an effective date no later than December 31, 2021 to the purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Shares for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.

The Company may pay finders fees in the second tranche on the same terms as in the first tranche.

The securities offered 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.

For further information please contact:
Baselode Energy Corp.
FIND on the TSXV
James Sykes, President and CEO
[email protected]


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