VANCOUVER, BC, CANADA (August 7, 2020) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF) announces it has completed the final tranche of its non-brokered private placement (the “Financing”). In the first tranche the Company raised proceeds of $135,000 through the sale of 2,250,000 Units. The final tranche the Company raised proceeds of $93,249.96 through the sale of 1,554,166 Units. Securities issued pursuant to the final tranche are subject to trading restrictions until December 8, 2020.
The Company paid finder’s fees to a qualified finder in closing 1 of $3,500 and issued a total of 55,833 broker warrants, which are on the same terms as the warrants forming part of the units. No finder’s fees were payable on this final tranche.
Pursuant to the terms of 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 $0.075 per share for a period of two (2) years from the closing of the Financing.
Net proceeds from the private placement will be used for general working capital and to fund future investments.
The Company is also pleased to announce that it has entered into a debt settlement agreement with a creditor of the Company (the “Creditor”) and pursuant thereto will issue an aggregate of 412,416 common shares in the capital of the Company, at a deemed price of $0.06 per common share, in consideration for the settlement of a total of $24,745 in accrued liabilities owing to the Creditor (the “Debt Settlement”). All securities to be issued pursuant to the Debt Settlement will be subject to a four month hold period from the closing date under applicable Canadian securities laws.