Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) said on Friday it had closed a C$6 million private placement, with proceeds earmarked for uranium exploration in Canada’s Thelon and Athabasca Basins.
The offering, led by Red Cloud Securities Inc., included the full exercise of the agent’s option and saw the company sell 42.86 million flow-through units to charitable purchasers at C$0.14 each.
Each unit comprises one flow-through share and one-half of a common share purchase warrant, with each whole warrant exercisable at C$0.14 until August 2028.
Proceeds from the flow-through shares will be used to incur Canadian exploration expenses and flow-through mining expenditures targeting critical minerals, Baselode said.
The company, which recently announced plans to merge with Forum Energy, controls over 226,000 hectares in Saskatchewan’s Athabasca Basin area and discovered the near-surface ACKIO uranium prospect in 2021, which remains open at depth and along strike.