Baselode Energy Corp. (TSX-V: FIND) is pleased to announce that it has closed its previously announced and upsized $3.5M private placement for gross proceeds of $3,505,000. The net proceeds from the Offering will be used for exploration work at the company’s Shadow Project and Hook Project. Both projects are targeting basement-hosted uranium in the Athabasca Basin area, northern Saskatchewan, Canada.

Upon closing of the financing, the Company issued:

• 8,445,000 Flow-Through Units at a price of $0.40 per unit for gross proceeds of $3,378,000, where each FT Unit consists of one flow through common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.60 for a period of 24 months from the date of issue; and
• 317,500 Non-Flow-Through Units at a price of $0.40 per unit for gross proceeds of $127,000, where each NFT Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.60 for a period of 24 months from the date of issue.

In accordance with applicable securities laws in Canada, the common shares and warrants issued as part of the Flow-Through Units and the Non-Flow-Through Units under this Offering will be subject to a four month and one day hold period from the date of closing of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

In consideration for introducing certain subscribers to the Offering for the two additional tranches, the Company has paid certain arm’s length finders an aggregate of $214,711.56 in cash and 536,779 finder’s warrants. Each finder’s warrant entitles the holder, on exercise thereof, to purchase one common share at a price of $0.40 for a period of 24 months.

About Baselode Energy

Baseload is a uranium exploration company which is focused on discovering a uranium orebody in the Athabasca basin in Saskatchewan, Canada.