Baselode Closes $3M Private Placement

TORONTO, Oct. 16, 2020 - Baselode Energy Corp. ("Baselode" or the "Company") (TSXV: FIND) is pleased to announce that it has closed an additional $413,875.28 across two tranches, bringing its total raise to $3,000,009.92.

The net proceeds from the Offering will be used for general corporate purposes but primarily used for exploration work at the company's Shadow Project and Hook Project. Both projects are targeting basement-hosted uranium in the Athabasca Basin area, northern Saskatchewan, Canada.

Upon closing of the second and third tranche, the Company issued:

• For the second tranche, which closed on October 9, 2020: 630,289 Flow-Through Units ("FT Units") at a price of $0.26 per unit for gross proceeds of $163,875.14, where each FT Unit consists of one flow through common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.40 for a period of 30 months from the date of issue; and
  
  
• For the third tranche, which closed on October 16, 2020: 961,539 Flow-Through Units ("FT Units") at a price of $0.26 per unit for gross proceeds of $250,000.14, where each FT Unit consists of one flow through common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.40 for a period of 30 months from the date of issue.

In accordance with applicable securities laws in Canada, the common shares and warrants issued as part of the Flow-Through Units and the Hard Dollar Units under this Offering will be subject to a four month and one day hold period from the date of closing of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

In consideration for introducing certain subscribers to the Offering for the two additional tranches, the Company has paid certain arm's length finders an aggregate of $28,971.27 in cash and 111,428 finder's warrants. Each finder's warrant entitles the holder, on exercise thereof, to purchase one common share at a price of $0.26 for a period of 24 months.

About Baselode Energy

Baseload is a uranium exploration company which is focused on discovering a uranium orebody in the Athabasca basin in Saskatchewan, Canada.

www.baselode.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in filings by the Company with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE Baselode Energy Corp.