NOT FOR DISTRIBUTION FOR DISTRIBUTION IN THE UNITED STATES Idaho Champion Gold Mines Canada Inc. is pleased to announce that it has closed the first tranche of the private placement offer announced on May 25, 2021. As part of the closing of this First tranche, the Company issued 4,686,664 units for gross proceeds of $ 703,000. The Company paid finder’s fees in cash of $ 18,516 and issued 123,439 finder’s warrants The…

NOT FOR DISTRIBUTION FOR BROADCAST IN THE UNITED STATES

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 first tranche of the offering private placement announced on May 25, 2021. As part of the closing of this first tranche, the Company issued 4,686,664 units for gross proceeds of $ 703,000. The Company paid cash finder’s fees of $ 18,516 and issued 123,439 finder’s 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 warrant (a “To guarantee“). Each warrant will allow its 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 the exercise of the warrant at any time before the end of the 48 month period if the Idaho Champion share price trades above $ 0.40 per share for 20 consecutive days.

The proceeds of the financing will be used to finance an exploration program for the Champagne gold project in Idaho, United States, and for general working capital purposes.

The Funding is subject to regulatory approval and all securities to be issued under the Funding are subject to a four month hold period under applicable Canadian securities laws. The Company paid finder’s fees consisting of 8% in cash and 8% of non-transferable warrants in connection with the financing, subject to compliance with the policy of the Canadian Securities Exchange (the “CSTCompletion of the private placement and payment of any finder’s fees remain subject to receipt of all necessary regulatory approvals, including approval from the CSE.

About Idaho Champion Gold Mines Inc.

Idaho Champion is a discovery-driven gold exploration company committed to advancing its highly promising 100% -owned mineral properties in Idaho, United States. The Company’s shares trade on the CSE under the symbol “ITKO”, on the OTCQB under the symbol “GLDRF” and on the Frankfurt Stock Exchange under the symbol “1QB1”. Idaho Champion is owned by 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 wherever possible in its operations.

ON BEHALF OF THE BOARD

“Jonathan Buick”
Jonathan Buick, President and CEO

For more information, please visit the Company’s SEDAR profile at www.sedar.com or the Company’s website at www.idahochamp.com.

For more information please contact:

Nicholas Konkin, Marketing and Communication
Telephone: (416) 567-9087
Email: [email protected]

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO PURCHASE SECURITIES IN ANY JURISDICTION, NOR WILL BE AN OFFER, SALE OR SOLICITATION OF SECURITIES IN ANY STATE OF THE UNITED STATES IN WHICH ANY SUCH OFFER, SALE, OR SOLICITATION WOULD BE ILLEGAL.

Warnings

Neither the Canadian Securities Exchange nor its regulatory services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may contain forward-looking information within the meaning of Canadian securities legislation concerning the activities of the Company. The forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the suggested strike extension. Although the Company believes that the expectations and assumptions on which this forward-looking information is based are reasonable, one should not place undue reliance on forward-looking information as the Company cannot guarantee that it will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to publicly update 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.

See the source version on accesswire.com:
https://www.accesswire.com/653173/Idaho-Champion-Gold-Announces-Closing-of-First-Tranche-Non-Brokered-Private-Placement



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