VANCOUVER, BC, CANADA (October 4, 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 on this final tranche of $134,400 through the sale of 1,280,000 Units. The Company paid finders fees to a qualified finder of $6,720 and issued 64,000 broker warrants, which are on the same terms as the warrants forming part of the units.
A total of 7,355,000 Units and 272,000 broker warrants were issued pursuant to the Financing.
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 $0.15 per share for 2 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.
Securities issued as a result of closing of this final tranche will be subject to a statutory hold period until February 5, 2022.
The net proceeds of the Financing will be used for working capital and for future investments.
After mutual determination, the Company also announces that it has accepted the resignation of Baker Tilly WM LLP (“Baker”) as the auditors of the Corporation. Pursuant to the recommendations of the audit committee of the Corporation, the Board has appointed Antares Professional Corporation (“PKF Antares”) as the new auditor of the Corporation.
The Company is pleased to announce that Mr. Harrison Ross, CFA, has been appointed to the Company’s Board of Directors, and that Mr. Morie Shacker has resigned from the Board.
Harrison Ross, a Chartered Financial Analyst (CFA), brings valuable experience and capabilities to the Company within the finance, capital markets and medical health technology fields. The Company thanks Mr. Morie Shacker for his leadership to the company and wishes him well in his future endeavours.