Idaho Champion Gold Announces Closing of First Tranche of Non-Brokered Private Placement
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Idaho Champion Gold Announces Closing of First
Tranche of Non-Brokered Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – June 17, 2022 - Idaho Champion Gold Mines Canada Inc. (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 private placement offering.
As part of the closing of this first tranche, the Company issued 11,079,210 units for gross
proceeds of $553,960.50*.
*All amounts expressed are in Canadian dollars.
Idaho Champion opened a non-brokered private placement of up to 20,000,000 units at
a price of $0.05 per unit for gross proceeds of up to $1,000,000. Each unit will consist of
one (1) common share and one (1) non-transferable purchase warrant (a “Warrant”). Each
Warrant will entitle the holder to purchase one additional common share at a price of
$0.10 for a period of 24 months from the date of issue.
The proceeds of the financing will be used for the funding of an exploration program at
the Idaho Champion Cobalt Projects in Idaho, USA, and for general working capital
purposes.
In connection with the private placement, the Company paid a cash finders’ fee of
$10,800 and issued 216,000 finders’ warrants, representing 8% cash and 8% non-
transferable warrants. Completion of the private placement and payment of any finders’
fees remain subject to the receipt of all necessary regulatory approvals, including
approval of the Canadian Securities Exchange ( the “CSE”).
The participation by three of the directors 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 minorit y 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, 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 100%-owned highly prospective mineral properties located 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”. 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 contributing citizen to the local
communities where it operates. 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
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) 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 in clude 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, includi ng 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.