Codebase Ventures closes non-brokered private placement

The firm raised a total of around $1,102,239 through the financing

CODEBASE VENTURES INC. - Codebase Ventures closes non-brokered private placement
The Vancouver-based investment company which invests in early-stage technology and cannabis companies said it would use funds for general working capital and to fund future investments

Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF), a venture capital company investing in early-stage technology and cannabis companies, said Wednesday that it has completed the final tranche of its non-brokered private placement. 

In the first tranche, the company raised proceeds of $520,525 through the sale of 15,405,953 units. Through the second tranche, the company raised proceeds of $323,525 via the sale of 15,405,953 units. In the final tranche, the company raised $25,825 through the sale of 12,294,757 units. 

Although no finder's fees were forked over on the final tranche, Codebase said it paid finders' fees to qualified finders in the first two rounds totaling $36,204 and issued a total of 1,804,000 broker warrants, which are on the same terms as the warrants forming part of the units. Securities issued as a result of the closing of this final tranche will be subject to a statutory hold period until June 25, 2020. 

READ: Codebase’s Pressland subsidiary strikes strategic partnership with digital platform Showcase

Codebase said it raised a total of $1,102,239.90 through the placement.

In keeping with the terms of the financing, each unit consists of one share and one common share purchase warrant. Each warrant entitles the holder to buy an additional common share at a price of $0.05 per share for a period of two years from the closing of the financing.

“The proceeds will be used for general working capital and to fund future investments,” noted the company.

Codebase is a Vancouver-based investment company that consists of a small, hands-on team of financial and technology experts. It invests in emerging technologies and makes strategic investments in ambitious founders who aim to upend large markets.

It operates Code Cannabis, a cannabis investment vehicle; Pressland, an anti-fake news operation and Arcology, a blockchain company, among others.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive


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