Idaho Champion Announces Upsize to Bought Deal Public Offering

Idaho Champion Announces Upsize to Bought Deal

Public Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

Toronto, ON – July 9, 2020 - Idaho Champion Gold Mines Canada Inc . ( CSE: ITKO )

(“Champion” or the " Company"), is pleased to announce that it has amen ded the terms of its

previously announced offering of units of the Company. Under the amended terms of the

Offering (as defined below), Beacon Securities Limited (“ Beacon”), on its own behalf and on

behalf of a syndicate of underwriters (together with Beacon, the “Underwriters”), have agreed

to purchase, on a bought deal basis, 23,400,000 units (the “Units”) of the Company at a price

of $0.30 per Unit (the “ Offering Price ”) for aggregate gross proceeds to the Company of

$7,020,000 (the “Offering”).

Each Unit will consist of one common share of the Company (a “ Common Share”) and one -

half of one Common Share purchase warrant (each whole Common Share purchase warrant, a

“Warrant”). Each Warrant will be exercisable to acquire one Common Share (a “ Warrant

Share”) for a period of 36 months following the closing of the Offering at an exercise price of

$0.45 per Warrant Share.

The closing of the Offering is expected to occur on or about July 30, 2020 (the “ Closing Date”)

and is subject to the completion of forma l documentation and receipt of all regulatory

approvals, including the approval of the Canadian Securities Exchange (“ CSE”). The net

proceeds from the Offering will be used for working capital and general corporate purposes.

The Company has granted the Und erwriters an option (the “ Over-Allotment Option ”),

exercisable, in whole or in part, by Beacon, on behalf of the Underwriters, giving notice to

the Company at any time and from time to time up to 30 days following the Closing Date, to

purchase, or to find substituted purchasers for, up to an additional number of Units equal to

15% of the number of Units sold pursuant to the Offering at the Offering Price to cover over -

allotments, if any, and for market stabilization purposes.

The Units to be issued under the Offering will be offered by way of a short form prospectus to

be filed in the Provinces of British Columbia, Alberta, Ontario and Quebec (and such other

Provinces as agreed between the Company and the Underwriters) and by private placement

to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed by

the Company and Beacon, provided that no prospectus filing or comparable obligation arises

and the Company does not therefore become subject to continuous disclosure obligatio ns in

such jurisdiction.

The Units being offered have not been, nor will they be, registered under the United States

Securities Act of 1933, as amended (“ U.S. Securities Act ”) and may not be offered or sold in

the United States or to, or for the account o r benefit of, “U.S. persons” (as defined in

Regulation S under the U.S. Securities Act) absent registration or an applicable exemption

from the registration requirements. The Units may be offered in the United States to

Qualified Institutional Buyers (as d efined in Rule 144A under the U.S. Securities Act)

pursuant to exemptions from the registration requirements under rule 144A of the U.S.

Securities Act. This news release will not constitute an offer to sell or the solicitation of an

offer to buy nor will there be any sale of the securities in any State in which such offer,

solicitation or sale would be unlawful.

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 stew ard, 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 inhe rent 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 include s, 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 rese rves, 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 government al,

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, operati ng 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 da te of

this news release, and no assurance can be given t hat 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.