Idaho Champion (CSE:ITKO, OTCQB:GLDRF) has announced the closing of the first tranche of its recently-announced private placement offering, raising gross proceeds of C$585,000 after issuing 11,700,000 shares.
The company opened a non-brokered private placement of up to 20,000,000 units at a price of $0.05 per unit for gross proceeds of up to $1,000,000, with each unit consisting of one common share.
Proceeds from the financing will be used for the acquisition of two prospective lithium pegmatite projects in the Eeyou Istchee James Bay territory of Quebec, preliminary fieldwork on the projects, and for general working capital purposes.
READ: Idaho Champion to acquire lithium pegmatite projects in Quebec
Completion of the private placement remains subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange.
In addition, under applicable Canadian securities laws, all securities issued pursuant to the private placement will have a hold period of four months and one day from the date of issuance.
Contact the author at jon.hopkins@proactiveinvestors.com