Business
Idaho Champion Closes Strategic Investment with Its Lithium Industry Director
Toronto, Ontario--(Newsfile Corp. - May 12, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") reports the close
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 12, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") reports the close of a previously announced private placement financing. The Company's lithium industry director has subscribed for total proceeds of C$1,000,000 at $0.13 per share, representing 7,692,308 Common Shares of the Company. Jonathan Buick, President & CEO of Idaho Champion, comments: \"Idaho Champion has always been proud of its insider ownership – our Management and Board own roughly 30 per cent of the Company and continue buying shares on the market and via placements. This latest financing by one of our key lithium industry directors at a premium to the market price is yet another show of confidence from our team and a testament to how undervalued we think our stock is at the moment. We are excited to start our spring program at our massive 500 sq km James Bay, Quebec lithium pegmatite project soon and continue delivering results to the market.\" The investment 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 investment 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. The Company also announced that it has granted stock options exercisable into 2,150,000 common shares in the Company to certain director and consultants of the Company. The incentive stock options have an exercise price of $0.13 per sh...