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Baselode Announces Brokered Private Placement for up to C$7.5 Million
Toronto, Ontario--(Newsfile Corp. - September 25, 2023) - Baselode Energy Corp. (TSXV: FIND) (O...
About this update from Geiger Energy Corporation
[{"type":"text","content":"Baselode Announces Brokered Private Placement for up to C$7.5 MillionToronto, Ontario--(Newsfile Corp. - September 25, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (\"Baselode\" or the \"Company\") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner on behalf of a syndicate of agents (the \"Agents\") in connection with a \"best efforts\" private placement offering (the \"Offering\") for aggregate gross proceeds of up to C$7,500,000 from the sale of the following: up to 3,700,049 units of the Company (each, a \"Unit\") at a price of C$0.405405 per Unit for gross proceeds of up to C$1,500,000 from the sale of Units;up to 4,166,667 flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.48 per FT Unit for gross proceeds of up to C$2,000,000 from the sale of FT Units; andup to 6,666,667 FT Units to be sold to charitable purchasers (each, a \"Charity FT Unit\", and together with the Units and FT Units, the \"Offered Securities\") at a price of C$0.60 per Charity FT Unit for gross proceeds of up to C$4,000,000 from the sale of Charity FT Units.Each Unit will consist of one common share of the Company (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Unit and Charity 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 Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a price of C$0.60 at any time on or before that date which is 24 months after the closing date of the Offering.The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the Offering, to sell up to an additional 1,666,667 Charity Flow-Through Units for additional gross proceeds of up to C$1,000,000 (the \"Agents' Option\"). Proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Income Tax Act and \"flow through mining expenditures\" incurred pursuant to an exploration plan that primarily targets \"critical minerals\", each as defined in subsection 127(9) of the In...