VANCOUVER, BC, CANADA (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.