Codebase Ventures Inc. (CSE:CODE) (FSE:C5B)( OTCQB:BKLLF) said it has completed the final tranche of its non-brokered private placement, raising proceeds of $135,000 through the sale of 2,250,000 units.
The company said the net proceeds from the private placement will be used for general working capital and to fund future investments.
READ: Codebase Ventures says World High Life's Love Hemp brand is seeing strong sales throughout coronavirus pandemic
Overall the private placement raised proceeds of $93,249.96 through the sale of 1,554,166 units. Each unit consists of one common share in the equity of the company and one warrant entitling the holder to purchase one additional common share of at a price of $0.075 per share for a period of two years from the closing of the financing. Securities issued under the final tranche are subject to trading restrictions until December 8, 2020.
The company paid finder's fees to a qualified finder in closing the first tranche of $3,500 and issued a total of 55,833 broker warrants on the same terms as the warrants forming part of the units. No finder's fees were payable on the final tranche.
Codebase also announced that it has entered into a debt settlement agreement with a creditor of the company and, as a result, will issue an aggregate of 412,416 common shares, at a deemed price of $0.06 per common share, in consideration for the settlement of a total of $24,745 in accrued liabilities owing to the creditor.
All securities to be issued will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.
Contact the author at firstname.lastname@example.org