Business
Idaho Champion Announces Strategic C$1 Million Private Placement
Toronto, Ontario--(Newsfile Corp. - May 8, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") today announces a p
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 8, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") today announces a private placement offering (\"the Offering\") for total proceeds of C$1,000,000 at $0.13, representing 7,692,308 Common Shares of the Company. The shares under the terms of the Offering are priced at a 30 per cent premium to the share price as of the closing of the market on May 5, 2023, and will be subscribed to by the insider of the Company. The participation by the director 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 61-101 and (ii) the fair market value of the securities issued to related parties pursuant to the financing does not exceed $2,500,000, and at least two-thirds of the independent directors in respect of the Offering have approved the transaction, along with the other applicable circumstances contained in section 5.7(1)(b) of MI 61-101. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement with be legended with a hold period of four months and one day from the date of issuance. About Idaho Champion Gold Mines Inc. Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective lithium projects in Quebec, Canada and cobalt projects in Idaho, United States. The Company's shares trade on the CSE under the trading symbol \"ITKO\", on the OTCQB under the trading symbol \"GLDRF\", and on the Frankfurt Stock Exchange under the symbol \"1QB1\". In addition, the Company owns the Baner gold project in Idaho County and the Champagne polymetallic project located in Butte County near Arco. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible. ON BEHALF OF THE BOARD, \"Jonathan Bu...