Idaho Champion Gold Closes 2nd Tranche of Private Placement
Idaho Champion Gold Announces Closing of Second Tranche Non-Brokered Private Placement
TORONTO, ON / ACCESSWIRE / July 20, 2021 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTCQB:GLDRF)(FSE:1QB1) (“Idaho Champion” or the ‘Company‘) is pleased to announce that it has closed the second tranche of the private placement offering announced on May 25, 2021. As part of the closing of the second tranche, the Company issued 5,312,333 units for gross proceeds of $796,850. The Company paid a cash finders’ fee of $54,460 and issued 363,066 finders’ warrants.
On May 25, 2021, Idaho Champion announced a non-brokered private placement of up to 10,000,000 units at a price of $0.15 per unit for gross proceeds of up to $1,500,000.
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 $0.25 for a period of 48 months from the date of issue and will be subject to an acceleration clause whereby the Company may force exercise of the warrant any time before the end of the 48-month period if the Idaho Champion share price trades over $0.40 per share for 20 consecutive days.
The proceeds of the financing will be used for the funding of an exploration program the Champagne Gold Project in Idaho, USA, and for general working capital purposes.
The financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The Company paid finders’ fees consisting of 8% cash and 8% non-transferable warrants in connection with the financing, subject to compliance with the policy of the Canadian Securities Exchange (the “CSE“). 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 CSE.
About Idaho Champion Gold Mines Inc.
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”, 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 a 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: nkonkin@idahochamp.com