Idaho Champion Announces Non-Brokered Private Placement up to $1.5 million

Rhea-AI Summary

Idaho Champion Gold Mines has announced a non-brokered private placement to raise up to $1.5 million by issuing 10 million units at $0.15 per unit. Each unit comprises one common share and one non-transferable purchase warrant, valid for 48 months at a price of $0.25. Proceeds will fund the exploration program for the Champagne Gold Project in Idaho and general working capital. The financing is subject to regulatory approvals and includes 8% cash and 8% warrants for finders' fees.

Positive

• Successful non-brokered private placement aimed at raising up to $1.5 million.
• Proceeds targeted for exploration activities at the Champagne Gold Project.
• Warrants offer potential upside if the share price exceeds $0.40.

Negative

• None.

NOT FOR DISTRIBUTION TO DISSEMINATION IN THE UNITED STATES

TORONTO, ON / ACCESSWIRE / May 25, 2021 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTCQB:GLDRF)(FSE:1QB1)("Idaho Champion" or the "Company"), is pleased to announce 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 (the "Financing").

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 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 may pay 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.

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.

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", 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

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.

SOURCE: Idaho Champion Gold Mines Canada Inc.

View source version on accesswire.com:
https://www.accesswire.com/648889/Idaho-Champion-Announces-Non-Brokered-Private-Placement-up-to-15-million

FAQ

What is Idaho Champion's private placement announcement?

Idaho Champion announced a non-brokered private placement to raise up to $1.5 million by issuing 10 million units at $0.15 per unit.

What are the terms of the warrants associated with Idaho Champion's financing?

Each warrant allows the holder to purchase an additional common share at $0.25 for 48 months, with an acceleration clause if shares trade above $0.40 for 20 consecutive days.

How will Idaho Champion use the proceeds from the private placement?

Proceeds will be used for an exploration program at the Champagne Gold Project in Idaho and for general working capital purposes.

What regulatory approvals does Idaho Champion need for the financing?

The financing is subject to necessary regulatory approvals, including those from the Canadian Securities Exchange.

What is the stock symbol for Idaho Champion?

Idaho Champion trades under the symbol GLDRF on the OTCQB and ITKO on the CSE.