Champion Electric Closes $800,000 of Flow-Through Shares
Champion Electric Closes $800,000 of Flow-
Through Shares
Toronto, Ontario--(Newsfile Corp. - August 19, 2024) - Champion Electric Metals Inc. (CSE: LTHM)
(OTCQB: CHELF) (FSE: 1QB0) ("
Champion Electric
" or the "
Company
") is pleased to announce that
the Company has closed on $800,000 in connection with the
previously announced
private placement
offering of flow-through shares (
"FT Shares"
).
The 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 will be used by the Company to incur Canadian
exploration expenses that will qualify as "flow-through critical mineral mining expenditures", as defined in
subsection 127(9) of the
Income Tax Act
(Canada) and, in respect of Québec resident subscribers who
are eligible individuals, will qualify for inclusion in the "exploration base relating to certain Québec
surface mining exploration expenses" and the "exploration base relating to certain Québec exploration
expenses" as such terms are defined in the
Taxation Act
(Québec) (the "
Qualifying Expenditures
") on
the Company's properties in Quebec on or before December 31, 2024 which the Company shall
renounce to the subscribers with an effective date no later than December 31, 2024.
In connection with the first closing, the Company paid a cash finder's fee of $56,000 and 1,120,000
broker warrants to the finder. Each Broker Warrant will entitle the finder to purchase one common share
of the Company at a price of $0.05 for a period of 24 months from the date of closing.
In accordance with applicable Canadian securities laws, all securities issued pursuant to the private
placement will be legended with a hold period of four months and one day from the date of issuance.
Completion of the private placement remains subject to the receipt of all necessary regulatory approvals,
including approval of the Canadian Securities Exchange (the "
CSE
").
The securities offered have not been, nor will they be, registered under the United States Securities Act
of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or
indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration
or an exemption from such registration requirements. This news release does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United
States in which such offer, solicitation or sale would be unlawful.
About Champion Electric Metals Inc.
Champion Electric is a discovery-focused exploration company that is committed to advancing its highly
prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In
addition, the Company owns the Baner gold project in Idaho County (optioned to Prestwick Capital
Corporation) and the Champagne polymetallic project in Butte County near Arco.The Company's shares
trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "CHELF",
and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a
responsible environmental steward, stakeholder, and contributing citizen to the local communities where
it operates, taking its social license seriously, employing local community members and service
providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President, and CEO
To learn more, please visit the Company's SEDAR profile at
www.sedarplus
.ca
or the Company's
corporate website at
www.champem.com
.
For further information, please contact:
Investor Relations and Communications
Phone: (+1) 416-567-9087
Email:
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER,
SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH
OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or
accepted responsibility for the adequacy or accuracy of this press release. This press release may
include forward-looking information within the meaning of Canadian securities legislation, concerning
the business of the Company. Forward-looking information is based on certain key expectations and
assumptions made by management of the Company, including closing of the Transactions and the
prospectivity of the Projects for lithium. Although the Company believes that the expectations and
assumptions on which such forward-looking information is based on are reasonable, undue reliance
should not be placed on the forward-looking information because the Company can give no
assurance that they will prove to be correct. Forward-looking statements contained in this press
release are made as of the date of this press release. The Company disclaims any intent or obligation
to update publicly any forward-looking information, whether as a result of new information, future
events or results or otherwise, other than as required by applicable securities laws.
The Projects are at an early stage of exploration, and the Company cautions that the qualified
persons who have reviewed and approved this news release have not verified scientific or technical
information produced by third parties.
Not for distribution to United States newswire services or for dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/220479