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Idaho Champion Gold Mines Announces Closing of First Tranche of Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - June 17, 2022) - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Comp
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 17, 2022) - Idaho Champion Gold Mines Canada Inc. (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 private placement offering. As part of the closing of this first tranche, the Company issued 11,079,210 units for gross proceeds of $553,960.50*. *All amounts expressed are in Canadian dollars. Idaho Champion opened a non-brokered private placement of up to 20,000,000 units at a price of $0.05 per unit for gross proceeds of up to $1,000,000. Each unit will consist of one (1) common share and one (1) non-transferable purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.10 for a period of 24 months from the date of issue. The proceeds of the financing will be used for the funding of an exploration program at the Idaho Champion Cobalt Projects in Idaho, USA, and for general working capital purposes. In connection with the private placement, the Company paid a cash finders' fee of $10,800 and issued 216,000 finders' warrants, representing 8% cash and 8% non-transferable warrants. Completion of the private placement and payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange ( the \"CSE\"). The participation by three of the 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 61-101 and (ii) the fair market value of the securities issued to related parties pursuant to the financing does not exceed $2,500,000, 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 wi...