Baselode Energy Corp. announced that it has entered into an agreement with Red Cloud Securities Inc as sole underwriter and bookrunner and bought deal private placement to issue 2,222,222 units at an issue price of CAD 0.45 per unit for the gross proceeds of CAD 999,999.9 and 6,153,846 charity flow-through units at an issue price of CAD 0.65 per charity flow-through unit for the gross proceeds of CAD 3,999,999.9; aggregate gross proceeds of CAD 4,999,999.8 on January 24, 2024. Each Unit will consist of one common share and one half of one Common Share purchase warrant.

Each Charity FT Unit will consist of one common share and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share at a price of CAD 0.65 at any time on or before that date which is 24 months after the Closing Date. The common shares issuable from the sale of these Securities will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing.

The financing is scheduled to close on or around February 14, 2024 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.