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Power Ore investee Rider Capital changes name to Baselode Energy, announces $700,000 financing

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

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Baselode is offering seven million units priced at C$0.10 per unit

Power Ore Inc (CVE:PORE) has said its investee company Rider Investment Capital Corp is changing its name to Baselode Energy to reflect its focus on energy metals.

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.

READ: Power Ore focused on delivering Robitaille and Cooke technical report as quickly as possible

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]

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Power Ore

Price: 0.065 CAD

TSX-V:PORE
Market: TSX-V
Market Cap: $3.75 m
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Power Ore completes closing on Mann Mine, changes name, announces CEO

Power Ore (CVE: PORE) CEO Stephen Stewart joined Proactive’s Steve Darling to discuss the company closing their Mann Mine transaction to Rider. That company has now changed its name to Baselode Energy Corp and will be traded on the TSX-V under the symbol “FIND” Stewart discusses that new...

3 weeks, 3 days ago

2 min read