Idaho Champion Closes Strategic Investment With Its Lithium Industry Director
Idaho Champion Closes Strategic Investment With
Its Lithium Industry Director
Toronto, ON – May 12, 2023 - Idaho Champion (CSE: ITKO; OTCQB: GLDRF; FSE:
1QB1) (“Idaho Champion” or the "Company") reports the close of a previously
announced private placement financing. The Company’s lithium industry director has
subscribed for total proceeds of C$1,000,000 at $0.13 per share, representing 7,692,308
Common Shares of the Company.
Jonathan Buick, President & CEO of Idaho Champion, comments: “Idaho Champion
has always been proud of its insider ownership – our Management and Board own roughly
30 per cent of the Company and continue buying shares on the market and via
placements. This latest financing by one of our key lithium industry directors at a premium
to the market price is yet another show of confidence from our team and a testament to
how undervalued we think our stock is at the moment. We are excited to start our spring
program at our massive 500 sq km James Bay, Quebec lithium pegmatite project soon
and continue delivering results to the market.”
The investment 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 investment 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.
The Company also announced that it has granted stock options exercisable into 2,150,000
common shares in the Company to certain director and consultants of the Company. The
incentive stock options have an exercise price of $0.13 per share with a five-year term.
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. In addition, the Company owns the Baner gold project in Idaho
County and the Champagne polymetallic project located 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 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 m anagement 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.