VANCOUVER, BC, CANADA (September 24, 2021) – 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 6,075,000 units at a price of $0.105 per unit, for gross proceeds of $637,875. 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 $0.15 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 $0.40 or more for 10 consecutive days.
The Company paid $21,840 in cash and issued 208,000 warrants on the same terms as noted above to a qualified finder. Securities issued pursuant to this tranche are subject to trading restrictions until January 25, 2022. Second tranche closing will take place on or before October 4th, 2021. Proceeds will be used for working capital and to fund future investments.