Business
Baselode Announces Closing of First Tranche of Flow-Through Private Placement for Gross Proceeds of C$4.4 Million
Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: ...
About this update from Geiger Energy Corporation
[{"type":"text","content":"Baselode Announces Closing of First Tranche of Flow-Through Private Placement for Gross Proceeds of C$4.4 MillionToronto, Ontario--(Newsfile Corp. - May 11, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (\"Baselode\" or the \"Company\") is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the \"Offering\"). Under the first tranche, the Company sold 9,161,811 flow-through units of the Company (the \"FT Units\") at a price of C$0.48 per FT Unit for gross proceeds to the Company of C$4,397,669 (the \"Offering\"). Each FT Unit consists of one common share of the Company 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 will entitle the holder thereof to purchase one common share (each, a \"Warrant Share\") at a price of C$0.70 at any time on or before May 11, 2025. The FT Shares and Warrant Shares will be subject to a hold period of four months expiring on September 11, 2023 in accordance with applicable securities laws.The Company intends to use the proceeds raised from the Offering for exploration of the Company's projects in the Athabasca Basin. 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\" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.In connection with the first tranche of the Offering, the Company paid total cash commissions of C$260,480.84 and issued 547,669 compensation warrants (each, a \"Compensation Warrant\"). Each Compensation Warrant entitles the holder thereof to purchase one common share of the Company at a price of C$0.48 at any time on or before May 11, 2025.The securities described herein 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 a...