Baselode closes $6-million private placement

Executive Summary

• Baselode Energy Corp. closed a best‑effort private placement raising gross proceeds of $6 million from the sale of 42,857,143 flow‑through (FT) units at C$0.14 per unit.
• Each FT unit includes one common share and half of a purchase warrant; the warrants allow acquisition of additional shares at C$0.14 until 15 Aug 2028.
• Proceeds are earmarked for exploration activities in the Thelon and Athabasca basins, with renunciation to subscribers required by 31 Dec 2025.

Key Details

• Units sold: 42,857,143 FT units (each = 1 common share + 0.5 warrant).
• Price per unit: C$0.14, yielding gross proceeds of $6 million.
• Agent & bookrunner: Red Cloud Securities Inc. (sole agent).
• Warrant terms: Hold the right to purchase one common share at C$0.14; exercisable any time on or before 15 Aug 2028.
• Use of proceeds: Fund Canadian exploration expenses for projects in the Thelon and Athabasca basins; renounce flow‑through mining expenditures to subscribers by 31 Dec 2025 (minimum amount equal to gross proceeds).
• Agent compensation: Red Cloud received cash fees of $355,498.36 plus 2,539,273 non‑transferable broker warrants (exercisable at C$0.09333 per share, expiring 16 Dec 2025).
• Insider participation: One insider subscribed for 1,071,820 FT units, contributing $100,000.81 in gross proceeds; transaction qualifies as a related‑party exemption under MI 61‑101.
• Regulatory notes: Offering relied on NI 45‑106 listed issuer financing exemption; closing subject to final TSX Venture Exchange approval.

Notable Quotes

(No executive quotes were provided in the release.)