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Idaho Champion Announces $3.5 Million Bought Deal Public Offering
TORONTO, July 8, 2020 /CNW/ - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) ("Champion" or the "Company"), is pleased to announce that it has entered into a
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" TORONTO, July 8, 2020 /CNW/ - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (\"Champion\" or the \"Company\"), is pleased to announce that it has entered into an agreement with Beacon Securities Limited (\"Beacon\"), on its own behalf and on behalf of a syndicate of underwriters (together with Beacon, the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 11,700,000 units (the \"Units\") in the capital of the Company at a price of $0.30 per Unit (the \"Offering Price\") for aggregate gross proceeds to the Company of $3,510,000. Each Unit will consist of one common share of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant will be exercisable to acquire one Common Share (a \"Warrant Share\") for a period of 36 months following the closing of the Offering at an exercise price of $0.45 per Warrant Share. The closing of the Offering is expected to occur on or about July 30, 2020 (the \"Closing Date\") and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange (\"CSE\"). The net proceeds from the Offering will be used for working capital and general corporate purposes. The Company has granted the Underwriters an option (the \"Over-Allotment Option\"), exercisable, in whole or in part, by Beacon, on behalf of the Underwriters, giving notice to the Company at any time and from time to time up to 30 days following the Closing Date, to purchase, or to find substituted purchasers for, up to an additional number of Units equal to 15% of the number of Units sold pursuant to the Offering at the Offering Price to cover over-allotments, if any, and for market stabilization purposes. The Units to be issued under the Offering will be offered by way of a short form prospectus to be filed in the Provinces of British Columbia, Alberta, Ontario and Quebec (and such other Provinces as agreed between the Company and the Underwriters) and by private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed by the Company and Beacon, provided that no prospectus filing or comparable obligation arises and the Company does not therefore become subject t...