Business
Idaho Champion Closes First Tranche of Offering Totaling $743,785
Toronto, Ontario--(Newsfile Corp. - December 21, 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. - December 21, 2022) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") is pleased to announce that the Company has closed the first tranche of its recently announced private placement offering. As part of the closing of the first tranche, the Company issued 10,625,500 Québec Flow Through Shares (\"Quebec FT Share\") for gross proceeds of $743,785. In connection with the closing of the first tranche, the Company paid $37,189 eligible cash finder's fees of the gross proceeds of the Offering. The Non-brokered Private Placement Offering Idaho Champion opened a non-brokered private placement offering 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 Quebec FT Shares at a price of $0.07 per Quebec FT Share. 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). 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. Comple...