Codebase Announces Closing of Financing

Rhea-AI Summary

Codebase Ventures Inc. announced the completion of a non-brokered private placement, raising $637,092 through the sale of 3,981,825 units. The company paid $30,094.40 in finders' fees and issued 188,110 broker warrants. Each unit consists of one share and a warrant priced at $0.22, expiring on February 3, 2023. The proceeds will be allocated for working capital and future investments. Securities come with a trading restriction until June 4, 2021.

Positive

• Raised $637,092 through the sale of 3,981,825 units.
• Issued 188,110 broker warrants.
• Proceeds allocated for working capital and future investments.

Negative

• Paid $30,094.40 in finders' fees, indicating additional costs.
• Securities are subject to a hold period until June 4, 2021, limiting liquidity.

VANCOUVER, BC / ACCESSWIRE / February 3, 2021 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) announces it has completed its previously announced non-brokered private placement (the "Financing"). The Company raised proceeds of $637,092 through the sale of 3,981,825 units. The Company paid finders fees to qualified finders of $30,094.40 and issued 188,110 broker warrants, which are on the same terms as the warrants forming part of the units. Securities issued as a result of closing of this final tranche will be subject to a statutory hold period until June 4, 2021. Insiders subscribed for a total of 225,000 units.

Each unit consists of one common share in the equity of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.22 per share until February 3, 2023, subject to the option of the Company to accelerate the expiry date in the event that its shares trade at $0.30 or more for 10 consecutive days.

Securities issued are subject to trading restrictions of 4 months and a day until June 4, 2021.

The net proceeds of the Financing will be used for working capital and for future investments.

About Codebase Ventures Inc.

Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow's standards. We support those innovators and help take their ideas to market.

For further information, please contact:

George Tsafalas - Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: IR@codebase.ventures

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

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Codebase Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/627806/Codebase-Announces-Closing-of-Financing

FAQ

What financing did Codebase Ventures Inc. announce on February 3, 2021?

Codebase Ventures Inc. announced a non-brokered private placement raising $637,092 through 3,981,825 units.

What are the terms of the warrants issued by Codebase Ventures?

Each warrant allows purchasing one common share at $0.22 until February 3, 2023.

What will the proceeds from the financing be used for?

The proceeds will be used for working capital and future investments.

What restrictions apply to the securities issued by Codebase Ventures?

The securities are subject to a trading restriction until June 4, 2021.

How much in finders' fees did Codebase Ventures incur?

Codebase Ventures paid $30,094.40 in finders' fees.