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.
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow’s standards. We support those innovators and help take their ideas to market.
For further information, please contact:
George Tsafalas - Ivy Lu
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]
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.