Baselode Closes C$3.9M Final Tranche of Non-Brokered Flow-Through Private Placement

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

 Baselode Energy Corp. (" Baselode " or the " Company ") (TSXV: FIND) (OTCQB: BSENF) is pleased to announce the closing of the second and final tranche of its previously announced non-brokered private placement (the " Offering "). Under the second tranche, the Company sold 5,669,795 flow-through units of the Company (the " FT Units ") at a price of C$0.48 per FT Unit and 2,548,684 non-flow-through units of the Company (the " Units ") at a price of C$0.48 per Unit for gross proceeds to the Company of C$3,944,869.92 . Each FT Unit will consist 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 common share purchase warrant (each whole warrant, a " Warrant "). Each Unit will consist of one common share of the Company (each, a " Unit Share ") and one half of one Warrant. Each Warrant issued under the second tranche will entitle the holder thereof to purchase one common share (each, a " Warrant Share ") at a price of C$0.75 at any time on or before September 28, 2023 .

In aggregate, the Company sold 13,297,499 FT Units and 2,548,684 Units for aggregate gross proceeds of C$7.6M under both tranches of the Offering.

Net proceeds from the Offering will be used for exploration work at the Company's Catharsis, Hook and Shadow projects. Work at these projects includes testing for near-surface, basement-hosted, high-grade uranium targets in the Athabasca Basin area of northern Saskatchewan, Canada .

The gross proceeds from the issuance of the FT Shares will be used for "Canadian Exploration Expenses" (within the meaning of the Income Tax Act ( Canada )) (the " Qualifying Expenditures "), which will be renounced with an effective date no later than December 31, 2021 to the purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Shares for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures.

Red Cloud Securities Inc. acted as finder under the Offering. Under the second tranche, the Company paid total finder's fees of C$276,140.89 and issued to the finders 575,293 warrants of the Company (the " Finder's Warrants "). Each Finder's Warrant is exercisable to acquire one common share of the Company at a price of C$0.48 at any time on or before September 28, 2023 . The FT Shares, Unit Shares and Warrant Shares issuable under the second tranche of the Offering as well as any common shares of the Company that are issuable from the Finder's Warrants will be subject to a hold period ending on January 28, 2022 in accordance with applicable securities laws.

The securities offered 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 absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States , nor in any other jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Baselode Energy Corp.

Baselode currently controls 100% of approximately 207,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada . The land package is free of any option agreements or underlying royalties.

Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond-drilling.

For information and updates on Baselode please visit: www.baselode.com
and please follow us on Twitter @BaselodeE
and please follow us on LinkedIn @BaselodeEnergyCorp

Cautionary Note Regarding Forward-Looking Statements : This press release includes certain forward-looking statements and forward-looking information (together, "forward-looking statements"). All statements other than statements of historical fact included in this release, including, without limitation, statements regarding, the Offering, and other future plans and objectives of the Company are forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company's plans or expectations include failure to close the Offering, a failure to obtain final TSXV approval of the Offering and failure to raise sufficient funds on the proposed terms or at all. The forward-looking statements in this press release were developed based on the assumptions and expectations of management, including that TSXV acceptance for the Offering will be obtained, the required fundraising will be completed, and the other assumptions disclosed in this press release and that the risks described above will not materialize. There can be no assurance that the Offering will complete. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

SOURCE Baselode Energy Corp.

Cision View original content: https://www.newswire.ca/en/releases/archive/September2021/28/c8257.html

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
TSXV:FIND

Baselode Energy


Keep reading...Show less

High Grade Uranium Exploration in Saskatchewan

North Shore Uranium (TSXV:NSU)

North Shore Expands Land Position at Rio Puerco

North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce that it has staked 27 additional mining claims (the "New Claims") at its Rio Puerco uranium project in northwestern New Mexico ("Rio Puerco" or the "Project"). The Project now includes 64 adjoining Bureau of Land Management ("BLM") claims.

In 2009, a historical uranium resource estimate of 6.0 million tonnes at an average grade of 0.09% eU3O8 for 11.4 million pounds of U3O8 was reported for Rio Puerco (the "Historical Resource"). Initial review of the historical data suggests the potential for in-situ recovery ("ISR") mining, the lowest cost method for producing uranium. The entire Historical Resource is located on the original 37 Rio Puerco claims (the "Original Claims"). Previously completed exploration work suggests that there is potential to expand the reported uranium mineralization on both the Original Claims and the New Claims.

Keep reading...Show less
Mart Wolbert, nuclear reactors.

Mart Wolbert: Uranium Prices, Supply, Demand — What's Next as Mindset Shifts

Mart Wolbert, analyst at Contrarian Codex, is seeing a uranium mindset shift as more investors take stock of the growing supply/demand imbalance in the market.

He explains how he's approaching uranium stocks and shares his price outlook.

Keep reading...Show less
xU3o8 Co-Founder Arthur Breitman.

From Nuclear to Blockchain: How xU3O8 is Reimagining Uranium Ownership

xU3O8 has reached a key milestone with the listing of its uranium-backed token across major crypto exchanges, opening the door for investors to gain direct exposure to uranium at a time when demand is accelerating, said Arthur Breitman, co-founder of Tezos, which provides the blockchain platform for xU3O8.

“xU3O8 is a tokenized asset. It represents tokenized beneficial ownership in uranium oxide,” Breitman explained. “And the platform uranium.io allows people to come in and then buy this tokenized ownership in uranium, which can be interesting for people interested in owning the commodity.”

Breitman also explained the advantages of buying tokenized uranium versus investing in uranium stocks or uranium funds.

Keep reading...Show less
Thor Energy (ASX:THR)

Term Sheet to Treat Colorado Project Uranium Waste Dumps and Gross Revenue Sharing Agreement with DISA Technologies

Pathway for Thor Energy PLC to potentially generate revenue from US Uranium and Critical Minerals Production

Thor Energy plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to announce the signing of a term sheet ("Term Sheet") with DISA Technologies, Inc. ("DISA") to seek to evaluate and if successful, treat historically abandoned uranium mine waste dumps ("Waste") and recover saleable uranium and other critical minerals concentrates at Thor's Colorado uranium claims. Thor holds 25% ownership rights to uranium minerals on U.S. Bureau of Land Management ("BLM") via its US subsidiary Standard Minerals Inc. ("Standard") that holds the projects (the "Colorado Projects") in Colorado in the United States, along with the 75% holder, London-listed Metals One PLC (AIM: Met1).

Keep reading...Show less
Saga Metals (TSXV:SAGA)

Saga Metals


Keep reading...Show less
Swedish flag with a yellow cross on a blue background, waving in the clear sky.

Sweden Moves to Lift Uranium-Mining Ban Through Legislative Proposal

Sweden has announced plans to lift its seven year ban on uranium mining, with a proposal to amend its Environmental Code and Minerals Act expected in parliament later this year.

If approved, the changes would take effect on January 1, 2026.

The proposal follows the conclusions of a government inquiry completed in December 2024, which recommended that uranium be treated under the same legal framework as other concession minerals. That recommendation was reviewed by the Council on Legislation in June 2025, clearing the way for parliament to consider a repeal.

Keep reading...Show less

Latest Press Releases

Related News

×