Power Ore Updates on Rider Transaction and its Financing

TORONTO, May 1, 2020 /CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to report that Rider Investment Capital Corp ("Rider"), is undertaking a $700,000 equity financing ("Financing") and that it will change its name to Baselode Energy ("Baselode").

Baselode will focus on energy metals, including uranium and will be lead by James Sykes, a renowned geologist specializing in the Athabasca basin with a proven track record of discovery, including NexGen Energy's (NXE:TSX) Arrow deposit.

For more information on Baselode, please see its Presentation & Webinar linked below:

White Lies about Green Energy - Webinar

Baselode Corporation Presentation

Baselode's Financing Terms & Availabilty
Any accredited investors interested in participating in Baselode's IPO financing should contact Stephen Stewart in the near term at sstewart@powerore.com. Pricing is as follows:

• 10 cents for Hard Dollar Units which includes a common share plus one half warrant exercisable at at 15 cents for 2 years.
  
  
• 12 cents for Flow Through Units which includes a common share plus one half warrant exercisable at 17 cents for 2 years.

Power Ore and Baselode's Qualifying Transaction
Power Ore owns approximately 80% of Baselode's shares resulting from the sale of its Mann Mine, as announced in the February 25, 2020 news release.

Baselode is currently a Canadian Capital Pool Company ("CPC") listed on the TSX Venture Exchange and is in the process of completing its Qualifying Transaction ("QT") to concurrent with the acquisition of Power Ore's Mann Mine.

Completion of Baselode's Financing and QT remains subject to the approval of the TSX Venture Exchange. The Financing may include any combination of Hard Dollar Units and Flow Through Units. All securities issued pursuant to the Financing will be subject to a statutory four month and one day hold period. Subscription agreements are available upon request. The financing is only available to accredited investors.

Results of Baselode's Annual General and Special Meeting
Baselode's shareholders have approved all resolutions brought before them at the Company's Annual General and Special Meeting of Shareholders held on April 30, 2020, including the change of the name of the corporation to Baselode Energy Corp.

For information and updates on Power Ore, please visit: www.powerore.com

And please follow us on Twitter @PowerOre

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. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. 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 PowerOre Inc. Additional information identifying risks and uncertainties is contained in filings by PowerOre Inc. with Canadian securities regulators, which filings are available under PowerOre Inc. profile at www.sedar.com.

SOURCE Power Ore

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