VANCOUVER, BC, CANADA (June 23, 2020) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF) announced it intends to proceed with a consolidation of its common shares (each, a “Share”) on the basis of ten (10) pre-consolidation Shares for one (1) post-consolidation Share (the “Consolidation”). The Board of Directors approved the consolidation on June 9, 2020.
The Company currently has 461,230,113 Shares issued and outstanding. Accordingly, once the Consolidation is effective, the Company will have 46,123,011 Shares issued and outstanding, assuming there are no other changes in the issued capital of the Company.
The Company intends to also proceed with consolidating its outstanding options and warrants on a ratio of ten (10) to one (1), with the result that each consolidated option and warrant will entitle the holder to acquire one Share at an exercise price of ten (10) times its original exercise price.
The Consolidation is being proposed in order to provide the Company with increased flexibility to seek additional financing opportunities and is subject to the approval of the Canadian Securities Exchange. The Company will not change its name as part of the Consolidation. The consolidation is planned for Friday, June 26th, subject to final exchange approval.