VANCOUVER, BC, CANADA (February 24, 2019) – 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 $520,525 through the sale of 24,786,904 Units. The second tranche the Company raised proceeds of $323,525 through the sale of 15,405,953 Units. The final tranche the Company raised proceeds of $258,190 through the sale of 12,294,757 Units. No finder’s fees were payable on this final tranche.
The Company paid finders fees to qualified finders in closings 1 and 2 of a total of $36,204 and issued a total of 1,804,000 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 25, 2020. The Company raised a total of $1,102,239.90.
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 $0.05 per share for a period of two (2) years from the closing of the Financing.
The proceeds of the Financing will be used for general working capital and to fund future investments.