Idaho Champion Closes First Tranche of Offering Totaling $743,785
Idaho Champion Closes First Tranche of
Offering Totaling $743,785
NOT FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – December 21, 2022 - Idaho Champion (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 recently announced private placement offering. As part of the
closing of the first tranche, the Company issued 10,625,000 Québec Flow Through Shares
(“Quebec FT Share”) for gross proceeds of $743,785.
In connection with the closing of the first tranche, the Company paid $37,189 eligible cash
finder’s fees of the gross proceeds of the Offering.
The Non-brokered Private Placement Offering
Idaho Champion opened a non-brokered private placement offering up to 3,333,333 flow
through shares ( “FT Share”) at a price of $0.06 per FT Share, and up to 4,285,714 Quebec FT
Shares at a price of $0.07 per Quebec FT Share.
The FT Shares and Québec 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 and Québec FT Shares will be used for
Canadian exploration expenses and will qualify as "flow -through mining expenditures", as
defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of
the Taxation Act (Québec) (the "Qualifying Expenditures"), which will be incurred on or before
December 31, 2023 and renounced to the subscribers with an effective date no later than
December 31, 2022 in an aggregate amount not less than the gross proceeds raised from the
issue of the FT Shares and Québec FT Shares, as the case may be.
In addition, with respect to Québec resident subscribers of Québec FT Shares and who are
eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also
qualify for inclusion in the "exploration base relating to certain Québec exploration expenses"
within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the
"exploration base relating to certain Québec surface mining expenses or oil and gas exploration
expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
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.
Completion of the private placement remains subject to the receipt of all necessary regulatory
approvals, including approval of the Canadian Securities Exchange (the “CSE”).
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its
highly prospective cobalt properties located in Idaho, United States and lithium properties in
Quebec, Canada. In addition, the Company owns the Baner gold project in Idaho County and
the Champagne polymetallic project in Butte County near Arco.
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”.
Idaho Champion 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 IDAHO CHAMPION
“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, Idaho Champion
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 management 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.