Codebase Ventures Inc. Announces Closing of Financing
August 07, 2020 at 16:20 PM EDT
VANCOUVER, BC / ACCESSWIRE / 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.
About Codebase Ventures Inc.
Codebase Ventures Inc. is an investment company, led by technology and business experts who invest early in great ideas in sectors that have significant upside, including the cannabis sector. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow's standards with platforms, protocols and innovations - not just products. We invest early, support those founders, take their ideas to market, and work tirelessly to help them realize their vision.
For further information, please contact:
George Tsafalas - Ivy Lu
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Codebase Ventures Inc.
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