Business
Idaho Champion Closes Oversubscribed Offering Totaling $1,116,787
Toronto, Ontario--(Newsfile Corp. - December 23, 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 23, 2022) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") is pleased to announce that the Company has closed the second and final tranche of its recently announced private placement offering. As part of the closing of the final tranche, the Company issued 3,728,600 Québec Flow Through Shares (\"Quebec FT Share\") and 1,866,667 flow through shares ( \"FT Share\") for gross proceeds of $373,002. The private placement offering was oversubscribed with total gross proceeds of $1,116,787 and included insider participation $112,000. In connection with the closing of the final tranche, the Company paid $18,650 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 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). The participation by two directors ...