Codebase Ventures Inc has announced the completion of its previously announced non-brokered private placement, raising C$134,400 in the final tranche through the sale of 1,280,000 company units, at a price of $0.105 per unit, after closing the first tranche for gross proceeds of $637,875 in September.
The company said net proceeds of the financing will be used for working capital and for future investments.
A total of 7,355,000 company units and 272,000 broker warrants were issued in the financing. Each unit consisted of one common company share plus one common share purchase warrant, entitling the holder to purchase one additional common share of the company at a price of $0.15 per share for two years from the date of closing, subject to the option of the company to accelerate the expiry date in the event that its shares trade at $0.40 or more for 10 consecutive days.
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Codebase Ventures noted it paid finders fees to a qualified finder of $6,720 and issued 64,000 broker warrants, which are on the same terms as the warrants forming part of the units.
Securities issued as a result of closing of this final tranche are subject to a statutory hold period until February 5, 2022.
As well, the company has announced that it accepted the resignation of Baker Tilly WM LLP as the auditors of Codebase Ventures and has appointed Antares Professional Corporation as its new auditor.
It added that Harrison Ross has been appointed to the company’s board of directors following the resignation of Morie Shacker.
Codebase Ventures seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech.
The company identifies such opportunities and applies its relationships and capital to advance its interests.
Contact Sean at sean@proactiveinvestors.com