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Baselode Closes $2.5M Tranche of $3M Private Placement
Baselode Closes $2.5M Tranche of $3M Private Placement Canada NewsWire TORO...
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[{"type":"text","content":"BaselodeEnergyPrivPla\n \n \n \n Baselode Closes $2.5M Tranche of $3M Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 7, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Oct. 7, 2020\n \n /CNW/ - Baselode Energy Corp. (\"\n \n Baselode\n \n \" or the \"\n \n Company\n \n \") (TSXV: FIND) is pleased to announce that it has closed\n \n $2,586,134.64\n \n of an expected\n \n $3,000,000\n \n a non-brokered private placement of flow-through units (the \"FT Units\") and non-flow-through units (the \"NFT Units\"). The balance of the\n \n $3,000,000\n \n is expected to close in the coming days.\n \n \n \"Demand for this financing was overwhelming. We initially announced a\n \n $1.2 million\n \n raise but our book quickly went to\n \n $3 million\n \n . This capital puts Baselode in a strong position to execute on our planned exploration and drill programs for the Shadow uranium project, whose details are soon to follow,\" said\n \n James Sykes\n \n , President & CEO\n \n \n The net proceeds from the Offering will be used for general corporate purposes but primarily used for exploration work at the company's\n \n \n Shadow Project\n \n \n and\n \n \n Hook Project\n \n \n . Both projects are targeting basement-hosted uranium in the\n \n Athabasca\n \n Basin area, northern\n \n Saskatchewan, Canada\n \n .\n \n \n Upon closing of the first tranche, the Company issued:\n \n \n \n 6,484,836 Flow-Through Units (\"FT Units\") at a price of\n \n $0.26\n \n per unit for gross proceeds of\n \n $1,686,057.36\n \n , 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\n \n $0.40\n \n for a period of 30 months from the date of issue.\n \n \n 3,461,836 Non Flow-Through Units (\"NFT Units\") at a price of\n \n $0.26\n \n per unit for gross proceeds of\n \n $900,077.28\n \n , where each NFT Unit consists of one common share and one common share purchase warran...