Business
Baselode Announces Closing of Private Placements for Gross Proceeds of C$10.67 Million
Toronto, Ontario--(Newsfile Corp. - October 18, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB...
About this update from Geiger Energy Corporation
[{"type":"text","content":"Baselode Announces Closing of Private Placements for Gross Proceeds of C$10.67 MillionToronto, Ontario--(Newsfile Corp. - October 18, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (\"Baselode\" or the \"Company\") is pleased to announce the closing of its previously announced best efforts private placement for aggregate gross proceeds of C$10,000,018 (the \"Brokered Offering\"), which includes the full exercise of the Agent's Option. Under the Brokered Offering, the Company sold the following:3,703,749 units of the Company (each, a \"Unit\") at a price of C$0.405 per Unit for gross proceeds of up to C$1,500,018 from the sale of Units;5,208,333 flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.48 per FT Unit for gross proceeds of C$2,500,000 from the sale of FT Units; and10,000,000 FT Units 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 C$6,000,000 from the sale of Charity FT Units.Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Research Capital Corporation (collectively, the \"Agents\").Concurrent with the closing of the Brokered Offering, the Company has completed a non-brokered private placement (the \"Non-Brokered Offering\", and together with the Brokered Offering, the \"Offerings\") for additional proceeds of C$665,368 from the sale of an additional 1,386,183 FT Units at a price of C$0.48 per FT Unit. Aggregate gross proceeds from the Offerings were C$10,665,386.Each Unit consists 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 consists 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 October 18, 2025.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 ...