Idaho Champion Announces Strategic Private Placement
Idaho Champion Announces Strategic Private
Placement
Toronto, ON – May 8, 2023 - Idaho Champion (CSE: ITKO; OTCQB: GLDRF; FSE: 1QB1)
(“Idaho Champion” or the "Company") today announces a private placement offering
(“the Offering”) for total proceeds of C$1,000,000 at $0.13, representing 7,692,308
Common Shares of the Company. The shares under the terms of the Offering are priced
at a 30 percent premium to the share price as of the closing of the market on May 8,
2023, and will be subscribed to by the insider of the Company.
The participation 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 Offering 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.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to
advancing its highly prospective lithium projects in Quebec, Canada and cobalt projects
in Idaho, United States. The Company’s shares trade on the CSE under the trading
symbol “ITKO”, on the OTCQB under the trading symbol “GLDRF”, and on the Frankfurt
Stock Exchange under the symbol “1QB1”. In addition, the Company owns the Baner
gold project in Idaho County and the Champagne polymetallic project located in Butte
County near Arco.
Idaho Champion takes its social license seriously, employing local community members
and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD,
“Jonathan Buick”
Jonathan Buick, President and CEO
To learn more, 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) 567- 9087
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
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 the managemen t of the Company, including suggested strike
extension. 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.