Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) has launched a private placement offering of up to C$5 million to fund exploration at its uranium projects in Canada’s Thelon and Athabasca Basins.
The offering will consist of up to 35.7 million flow-through units priced at C$0.14 each.
Each unit comprises one flow-through share and one-half of a common share purchase warrant. Whole warrants will be exercisable at C$0.14 for three years following the expected closing date of August 15.
The proceeds will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures targeting critical minerals.
Red Cloud also has the option to sell an additional 7.1 million units for up to C$1 million in additional proceeds.
Baselode is focused on high-grade uranium discoveries and advancing exploration in the Athabasca and Thelon Basins, two of the most prospective regions for uranium in Canada.