/NOT FOR DISSEMINATION, DISTRIBUTION,
RELEASE, OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
TORONTO, Nov. 30, 2021 /CNW/ - Baselode Energy Corp.
("Baselode" or the "Company") (TSXV: FIND) is pleased
to announce the closing of its previously announced "bought deal"
private placement consisting of the sale of 8,000,550 units (the
"Units") at a price of $1.15
per Unit for aggregate proceeds of $9,200,632.50, including exercise in full of the
over-allotment option (the "Offering").
Each Unit was comprised of one common share of the Company (a
"Unit Share") and one-half of one common share purchase
warrant (each whole warrant a "Warrant"), with each Warrant
entitling the holder thereof to acquire one common share of the
Company at a price of $1.60 for a
period of 30 months following the closing. The Warrants were issued
pursuant to a warrant indenture dated November 30, 2021 between the Company and Odyssey
Trust Company, as warrant agent.
PI Financial Corp. (the "Lead Underwriter") on behalf of
itself and a syndicate of underwriters (the "Underwriters")
acted as the underwriter in connection with the Offering. As
consideration for the Underwriters' services, the Underwriters
received a cash commission (the "Commission") of
$552,037.95 and issued to the
underwriters an aggregate of 480,033 compensation options in the
capital of the Company (the "Compensation Options"). Each
Compensation Option is exercisable to acquire one common share of
the Company at an exercise price of $1.15 for a period of 24 months following the
issuance of the Compensation Option, subject to adjustment in
certain circumstances.
The net proceeds of the Offering will be used to fund
exploration and development expenses for the Catharsis, Hook and
Shadow projects and for general working capital purposes. All
securities issued pursuant to the Offering, including any
underlying securities, will be subject to a four-month-and-one-day
hold period in accordance with applicable Canadian securities laws.
Closing of the Offering is subject to all necessary regulatory
approvals, including acceptance from the TSX Venture Exchange.
The securities to be offered pursuant to the Offering have not
been, and will not be, registered under the U.S. 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 any applicable
exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy securities in the United
States, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Baselode Energy Corp.
Baselode currently controls 100% of approximately 226,900
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. The
Company is listed on the TSX Venture Exchange under the symbol
"FIND".
Neither 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.
Forward-looking statements
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes information about the Company's expectations regarding
future operations and other forward-looking information. Factors
that could cause actual results to differ materially from those
described in such forward-looking information include, but are not
limited to, the application of the proceeds of the Offering as
anticipated by management and the inability to obtain the necessary
TSX Venture Exchange approval to complete the Offering. The
forward-looking information in this news release reflects the
current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to close the Offering, that the Company's financial
condition and development plans do not change as a result of
unforeseen events, and that the Company will receive all required
regulatory approvals, TSX Venture Exchange approval, for the
Offering.
Although the Company believes that the assumptions inherent
in the forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein. The Company does not
assume any obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
reflected in the forward-looking statements, unless and until
required by applicable securities laws. Additional information
identifying risks and uncertainties is contained in the Company's
filings with the Canadian securities regulators, which filings are
available at www.sedar.com
SOURCE Baselode Energy Corp.
