Business
Power Ore Updates on Rider Transaction and its Financing
Power Ore Updates on Rider Transaction and its Financing Canada NewsWire TORONTO...
About this update from Xxix Metal Corp.
[{"type":"text","content":"\n\n\n\nPower Ore Updates on Rider Transaction and its Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 1, 2020\n\n\n\nTORONTO, May 1, 2020 /CNW/ - Power Ore Inc. (\"Power Ore\" or the \"Company\") (TSX.V: PORE) is pleased to report that Rider Investment Capital Corp (\"Rider\"), is undertaking a $700,000 equity financing (\"Financing\") and that it will change its name to Baselode Energy (\"Baselode\"). \nBaselode will focus on energy metals, including uranium and will be lead by James Sykes, a renowned geologist specializing in the Athabasca basin with a proven track record of discovery, including NexGen Energy's (NXE:TSX) Arrow deposit. \nFor more information on Baselode, please see its Presentation & Webinar linked below:\nWhite Lies about Green Energy - Webinar \nBaselode Corporation Presentation\nBaselode's Financing Terms & Availabilty Any accredited investors interested in participating in Baselode's IPO financing should contact Stephen Stewart in the near term at [email protected]. Pricing is as follows:\n10 cents for Hard Dollar Units which includes a common share plus one half warrant exercisable at at 15 cents for 2 years.12 cents for Flow Through Units which includes a common share plus one half warrant exercisable at 17 cents for 2 years.Power Ore and Baselode's Qualifying TransactionPower Ore owns approximately 80% of Baselode's shares resulting from the sale of its Mann Mine, as announced in the February 25, 2020 news release. \nBaselode is currently a Canadian Capital Pool Company (\"CPC\") listed on the TSX Venture Exchange and is in the process of completing its Qualifying Transaction (\"QT\") to concurrent with the acquisition of Power Ore's Mann Mine. \nCompletion of Baselode's Financing and QT remains subject to the approval of the TSX Venture Exchange. The Financing may include any combination of Hard Dollar Units and Flow Through Units. All securities issued pursuant to the Financing will be subject to a statutory four month and one day hold period...