Business
Baselode Closes Final Tranche, Securing Full Proceeds of $5 Million
Toronto, Ontario--(Newsfile Corp. - June 9, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: ...
About this update from Geiger Energy Corporation
[{"type":"text","content":"Baselode Closes Final Tranche, Securing Full Proceeds of $5 MillionToronto, Ontario--(Newsfile Corp. - June 9, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (\"Baselode\" or the \"Company\") is pleased to announce the closing of a final tranche of its previously announced non-brokered private placement (the \"Offering\"). Under the final tranche, the Company sold 870,000 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$417,600.00 (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 June 8th, 2025. The FT Shares and Warrant Shares will be subject to a hold period of four months expiring on October 10th, 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 final tranche of the Offering, the Company paid total cash commissions of C$25,056.00 and issued 52,200 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 June 9th, 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 account or benefit of, United States persons abs...