VANCOUVER, BC, CANADA (February 23, 2022) – 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 13,199,999 units at a price of $0.07 per unit, for gross proceeds of $923,999.50. 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 $0.09 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 $0.15 or more for 10 consecutive days.
The Company paid $31,200 in cash and issued 445,714 warrants on the same terms as noted above to a qualified finder. Securities issued pursuant to this tranche are subject to trading restrictions until June 24, 2022.
Proceeds will be used for working capital and to fund future investments.