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Idaho Champion Announces Closing of Second Tranche Non-Brokered Private Placement
TORONTO, ON / ACCESSWIRE / February 26, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) ("Champion" or the "Company"), a discovery-focused gold explorat
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / February 26, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) (\"Champion\" or the \"Company\"), a discovery-focused gold exploration company, announces that it has closed the second tranche of the private placement offering announced on January 13, 2020. As part of the closing of this second tranche, the Company issued 2,398,306 units for gross proceeds of $191,864.48. On January 13, 2020, Champion announced a non-brokered private placement of up to 12,500,000 units at a price of $0.08 per unit for gross proceeds of up to $1,000,000. Each unit consists of one (1) common share and one (1) non-transferrable purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.15 for a period of 60 months from date of the issue. Directors and Officers participated in this financing for an aggregate of $23,739, representing 296,741 units. The proceeds of the financing will be used for funding an exploration program at the Baner Gold and Champagne Projects in Idaho, USA and for general working capital purposes. This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The Company may pay finders' fees consisting of 8% cash and 8% non-transferable warrants in connection with the financing, subject to compliance with the policy of the Canadian Securities Exchange (the \"CSE\"). Completion of the private placement and payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the CSE. Baner Gold Project The Baner Gold Project is located near Elk City, Idaho County, Idaho. In 2018 Idaho Champion made a gold discovery at the Baner Creek project with near-surface oxide gold mineralization in drilling over a 500-meter strike length. During 2020, the Company anticipates continued exploration on the Baner Gold project. The Baner Project is located within the Orogrande shear zone (OSZ), a 20-kilometer-long and up to 1-kilometer wide regional shear zone located in Central Idaho. The OSZ resembles a series of grabens composed of metamorphosed Proterozoic belt sedimentary rocks, Cretaceous Idaho batholith intruded by Tertiary rhyolites and dacitic dikes. The BC...