Idaho Champion Announces Non-Brokered Private Placement up to $1.0 million and Re-pricing/ Term Extension on Warrants
Idaho Champion Announces Non-Brokered
Private Placement up to $1.0 million and Re-
pricing/ Term Extension on Warrants
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Toronto, ON – July 29, 2019 - Idaho Champion Gold Mines Canada Inc. (CSE:
ITKO) (“Champion” or the "Company”), a discovery-focused gold exploration
company, announces a non-brokered private placement of up to 12,500,000 units
at a price of $0.08 per unit for a gross proceeds of up to $1,000,000 (the
“Financing”).
Each unit will consist of one (1) common share and one (1) non-transferrable
purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase
one additional common share at a price of $0.15 for a period of 60 months from
date of the issue.
This financing is subject to regulatory approval and all securities to be issued
pursuant to the financing are subject to a four-month hold period under applicable
Canadian securities laws. The Company may pay finders’ fees consisting of 8%
cash and 8% non-transferable warrants in connection with the financing, subject
to compliance with the policy of the Canadian Securities Exchange (the “CSE”).
Completion of the private placement and payment of any finders’ fees remain
subject to the receipt of all necessary regulatory approvals, including the approval
of the CSE.
The proceeds of the financing will be used for funding an exploration program at
the Baner Gold Project in Idaho, USA for general working capital purposes.
The company also announces that is has received CSE approval to re-price and
extend the term of the warrants from the previously closed financing (See press
release dated June 28, 2019). Under the terms of the previous financing, the unit
holder would be entitled to purchase one additional common share at a price of
$0.20 for a period of 36 months. The unit holder will now be entitled to purchase
one additional common share at the current warrant price $0.15 for a period of 60
months.
Baner Gold Project
The Baner Gold Project is located near Elk City, Idaho County, Idaho. In 2018
Idaho Champion made a new gold discovery at the Baner Creek project with near
surface oxide gold mineralization in drilling over a 500 meter strike length. During
2019, the company anticipates continued exploration on the Baner Gold project.
The company plans to grow the new discovery to expand the footprint at the north
zone and follow up on the Angel Zone and the Sally targets.
The Baner Project is located within the Orogrande shear zone (OSZ), a 20
kilometer long and up to 1 kilometer wide regional shear zone located in Central
Idaho. The OSZ resembles a series of grabens composed of metamorphosed
Proterozoic belt sedimentary rocks, Cretaceous Idaho batholith intrude d by
Tertiary rhyolites and dacitic dikes. The BC claim block covers a series of parallel
shear zones on the eastern margin of the OSZ. Hydrothermal alteration is spatially
associated with the OSZ and consists of silicification, seritization, and
chloritization. Mineralization is hosted by three types of broadly defined deposit
types; Tertiary epithermal deposits, Cretaceous intrusive related gold systems
and orogenic shear zone deposits hosted within the batholith. Mineralization
includes disseminated low-grade precious metal mineralization in associated
stockwork veins, hydraulic breccias and extensive widespread alteration; high-
grade gold associated with discreet structurally controlled quartz veins and
silicified zones.
The Baner/Sally Project is in the central Idaho Gold Belt, 8 km south of the of Elk
City, Idaho. The Elk City is an historic gold mining region dating back to the 1860s
and once supported more than 20 underground mines and extensive placer
operations. During the 1930’s there were three cyanide gold mills along Crooked
River processing open pit and underground sulfide ore. Exploration in the district
during the 1980’s and 1990’s included Cypress-Amax, Kinross Gold, and Bema
Gold primarily focused on near-surface bulk-tonnage gold potential. Premium
Exploration conducted extensive drilling, soil sampling, and airborne and surface
geophysics in the 2010 era. Currently a Finnish gold producer, Endomines is
developing the Friday project at Orogrande into an underground gold operation
and is constructing a gold processing mill.
ABOUT IDAHO CHAMPION
Idaho Champion is a discovery-focused gold exploration company that is
committed to advancing its 100% owned highly prospective mineral properties
located in Idaho, United States. The Company’s shares trade on the CSE under
the trading symbol “ITKO”. Idaho Champion is vested in Idaho with the Baner
Project in Idaho County, the Champagne Project located in Butte County near
Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho
Champion strives to be a responsible environmental steward, stakeholder and a
contributing citizen to the local communities where we operate. Idaho Champion
takes our social license seriously and employ local community members and
services in our operations.
ON BEHALF OF THE BOARD
“Jonathan Buick”
Jonathan Buick, President and CEO
For further information, please visit the Company’s SEDAR profile at
www.sedar.com or the Company’s corporate website at www.idahochamp.com.
For further information please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 477 7771 ext. 205
Email: [email protected]
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
This News Release includes certain “forward-looking statements” which are not comprised of
historical facts. Forward-looking statements include estimates and statements that describe the
Company’s future plans, objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Forward-looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information currently available to the
Company, the Company provides no assurance that actual results will meet management’s
expectations. Risks, uncertainties and other factors involved with forward-looking information
could cause actual events, results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information. Forward looking information
in this news release includes, but is not limited to, the Company’s objectives, goals or future plans,
statements, exploration results, potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to failure to identify mineral resources,
failure to convert estimated mineral resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental, environmental or other project
approvals, political risks, uncertainties relating to the availability and costs of financing needed in
the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, capital, operating and reclamation costs
varying significantly from estimates and the other risks involved in the mineral exploration and
development industry, and those risks set out in the Company’s public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in preparing the forward-
looking information in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking information, whether as a result of
new information, future events or otherwise, other than as required by law.