Codebase Ventures Inc. (CSE:CODE) (OTCQB:BKLLF) has announced completion of the first closing of a non-brokered private placement raising nearly $1.5 million, with the net proceeds to be used for general working capital and to fund future investments.
In a statement after the market close on Wednesday, the Canadian company said it had issued 42,739,001 units at a price of $0.035 per unit, for gross proceeds of $1,495,865.01.
Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at $0.05 for a period of two years from the date of closing.
The company anticipates the final closing of the placement to be on or around September 15, 2019. It said the securities issued under this financing are subject to trading restrictions until January 5, 2020.
The firm added that it paid finders fees to qualified finders of $84,779.20 and issued 2,422,263 broker warrants, which are on the same terms as the warrants forming part of the units.
Codebase Ventures makes investments in emerging sectors, including cannabis, blockchain and cryptocurrencies.
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