Toronto-based Power Ore owns about 80% of Baselode’s shares as a result of the sale of its Mann Mine to Rider Investment Capital in February 2020.
Baselode, a capital pool company listed on the TSX Venture Exchange, also announced plans to raise C$700,000 on Friday to complete its qualifying transaction concurrent with the acquisition of the Mann Mine.
The company will be led by noted geologist James Sykes, who spearheaded the discovery of the Arrow uranium deposit in Saskatchewan owned by NexGen Energy (TSE:NXE). Baselode plans to focus on energy metals, including uranium.
Under the terms of the financing, the company is offering seven million units priced at C$0.10 per unit, which includes one share plus one half warrant exercisable at C$0.15 for a two-year period. Part of the financing could be comprised of flow-through shares priced at C$0.12 per unit, comprising one share plus one half warrant exercisable at C$0.17 for a two-year period following the closing date of the transaction.
Completion of the financing and the qualifying transaction are subject to TSX Venture Exchange approval.
Accredited investors interested in participating in the financing can contact Stephen Stewart, Power Ore’s CEO, at [email protected]
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