As part of the closing of this first tranche, the Company issued 11,079,210 units for gross proceeds of
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
The proceeds of the financing will be used for the funding of an exploration program at the Idaho Champion Cobalt Projects in
In connection with the private placement, the Company paid a cash finders' fee of
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 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
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 is a discovery-focused exploration company that is committed to advancing its 100%-owned highly prospective mineral properties located in
Contact:
Tel: (416) 567- 9087
Email: nkonkin@idahochamp.com
Cautionary Statements
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.
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