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Idaho Champion Announces Non-Brokered Private Placement up to $1.0 million
TORONTO, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the "Company"), a discovery-focused gold exploration
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" TORONTO, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the \"Company\"), a discovery-focused gold exploration company, announces a non-brokered private placement of up to 12,500,000 units at a price of $0.08 per unit for a gross proceeds of up to $1,000,000 (the “Financing”). Each unit will consist 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. 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. 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. 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 claim block covers a series of parallel shear zones on the eastern margin of the OSZ. Hydrothermal alteration is spatially associated with the OSZ and consists of silicification, seritization, and chloritization. Mineralization is hosted by three types of broadly defined deposit types; Tertiary epithermal deposits, Cr...