Codebase Ventures Inc. Announces First Closing of Financing

Rhea-AI Summary

Codebase Ventures Inc. (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) has completed the first closing of a $2,000,000 non-brokered private placement, raising $637,875 from the sale of 6,075,000 units at $0.105 each. Each unit includes one common share and a warrant priced at $0.15, valid for two years, with acceleration clauses based on share performance. The company will use proceeds for working capital and future investments. A second tranche is anticipated by October 4, 2021.

Positive

• Raised $637,875 from the first closing of a $2,000,000 private placement.
• The investment will be used for working capital and future investments.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) announces it has completed a first closing of a non-brokered private placement of up to $2,000,000. The Company accepted subscriptions for 6,075,000 units at a price of $0.105 per unit, for gross proceeds of $637,875. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.15 for a period of two years from the date of closing, subject to the option of the Company to accelerate the expiry date in the event that its shares trade at $0.40 or more for 10 consecutive days.

The Company paid $21,840 in cash and issued 208,000 warrants on the same terms as noted above to a qualified finder. Securities issued pursuant to this tranche are subject to trading restrictions until January 25, 2022. Second tranche closing will take place on or before October 4^th, 2021. Proceeds will be used for working capital and to fund future investments.

About Codebase Ventures Inc.

Codebase Ventures Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The Company identifies such opportunities and applies its relationships and capital to advance its interests.

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.

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https://www.accesswire.com/665536/Codebase-Ventures-Inc-Announces-First-Closing-of-Financing

FAQ

What is the purpose of Codebase Ventures' private placement announced on September 24, 2021?

The private placement aims to raise up to $2,000,000 for working capital and future investments.

How much did Codebase Ventures raise in its first closing?

Codebase Ventures raised $637,875 in its first closing.

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

Each warrant allows the purchase of one additional common share at $0.15 for two years, with potential acceleration if shares trade at $0.40 for 10 consecutive days.

When is the second tranche closing for Codebase Ventures' private placement?

The second tranche closing is expected on or before October 4, 2021.

What will Codebase Ventures do with the funds from the private placement?

The company plans to use the funds for working capital and to finance future investments.