Business
Champion Electric Metals Closes Oversubscribed Flow-Through Private Placement
All amounts expressed are in Canadian dollars Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: GLDRF) (FSE
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" All amounts expressed are in Canadian dollars Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: GLDRF) (FSE: 1QB0) (\"Champion Electric\" or the \"Company\") is pleased to announce that the Company has closed the previously announced private placement offering of flow-through shares (\"FT Shares\") for gross proceeds of $4,170,000. The FT Shares qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Jonathan Buick, President & CEO, comments: \"We are very pleased with the strong level of support for the Offering, which will help us not only continue our 2023 exploration programs while minimizing dilution to our shareholders, but actually expand these programs to accelerate growth and unlock additional value. The funds raised in the private placement will be used on our James Bay lithium exploration project. This year, we will also continue exploring the vast regional potential of our Idaho cobalt projects. With the successful conclusion of the Offering, we now have approximately $6.8 million in treasury to carry out these exploration initiatives. We are looking forward to the remainder of 2023 and thank all of our shareholders for their support as we work towards making a significant discovery at one of Canada's premier lithium projects.\" The gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses that will qualify as \"flow-through critical mineral mining expenditures\", as defined in subsection 127(9) of the Income Tax Act (Canada) and, in respect of Québec resident subscribers who are eligible individuals, will qualify for inclusion in the \"exploration base relating to certain Québec surface mining exploration expenses\" and the \"exploration base relating to certain Québec exploration expenses\" as such terms are defined in the Taxation Act (Québec) (the \"Qualifying Expenditures\"), which will be incurred on or before December 31, 2024 and renounced to the subscribers with an effective date no later than December 31, 2023. In connection with the Private Placement, the Company paid a cash finder's fee of $104,250 to an arm's length finder. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will be legende...