Business
Idaho Champion Announces Offering of up to $500,000
Toronto, Ontario--(Newsfile Corp. - November 28, 2022) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") is pleased to
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - November 28, 2022) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") is pleased to announce that the Company is arranging a private placement of up to 3,333,333 flow through shares ( \"FT Share\") at a price of $0.06 per FT Share, and up to 4,285,714 Québec Flow Through Shares (\"Quebec FT Share\") at a price of $0.07 per Quebec FT Share. The Company anticipates gross proceeds of up to $500,000. The FT Shares and Québec FT Shares will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The gross proceeds from the issuance of the FT Shares and Québec FT Shares will be used for Canadian exploration expenses and will qualify as \"flow-through mining expenditures\", as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Québec) (the \"Qualifying Expenditures\"), which will be incurred on or before December 31, 2023 and renounced to the subscribers with an effective date no later than December 31, 2022 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares and Québec FT Shares, as the case may be. In addition, with respect to Québec resident subscribers of Québec FT Shares and who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the \"exploration base relating to certain Québec exploration expenses\" within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the \"exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses\" within the meaning of section 726.4.17.2 of the Taxation Act (Québec). The participation by directors of the Company in the financing constitutes a \"related party transaction\" pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Section 5.5(b) and Section 5.7(1)(b) of MI 61-101, respectively, on the basis that (i) no securities of the Company are listed or quoted on any of the markets specified in Section 5.5(b) of MI 61-10...