Idaho Champion Closes Over Subscribed Non-Brokered Private Placement
Not for distribution to United States Newswire Services or for dissemination in the United States
TORONTO, March 6, 2020 - Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) ("Champion" or the "Company"), a discovery-focused gold exploration company, announces that it has closed the final tranche of the oversubscribed non-brokered private placement offering announced on January 13, 2020. As part of the closing of this final tranche, the Company issued 6,250,000 units for gross proceeds of $500,000. The Company paid a cash finders' fee of $21,880 and issued 273,500 finders' warrants. This private placement resulted in the Company receiving total proceeds of $1,204,187.
On January 13, 2020, Champion announced a non-brokered private placement of up to 12,500,000 units at a price of $0.08 per unit for gross proceeds of up to $1,000,000. Each unit consists of one (1) common share and one (1) non-transferrable purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.15 for a period of 60 months from date of the issue. All securities issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.
The proceeds of the financing will be used for funding an exploration program at the Baner Gold and Champagne Projects 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". 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 we operate. Idaho Champion takes our social license seriously and employ local community members and services in our operations.
ON BEHALF OF THE BOARD
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) 477 7771 ext. 205
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. 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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