Basanite closes private placement raising $5.33M gross; issues 19.4M shares and warrants

BASANITE, INC.

Closed private placement of units at $0.275 each to 17 accredited investors, raising ~$5.33M gross.
Each unit consists of 1 common share, one Warrant A, and one Warrant B; total of 19.4M shares and 38.8M warrant shares issued.
Warrants exercisable at $0.33/share for five years; Warrant B subject to call if stock trades at $1.00+ for 5 consecutive days.
Net proceeds to be used for manufacturing expansion, sales/marketing, debt repayment, and working capital.
Company granted registration rights to file S-1 for resale within 45 days and plans a Re-IPO of at least $15M within 180 days.

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