Idaho Champion (CSE:ITKO, OTCQB:GLDRF) said it has closed the second tranche of its recently-announced private placement offering after issuing 9.2 million shares for gross proceeds of C$460,000.
Idaho Champion earlier announced a non-brokered private placement of up to 20 million shares at C$0.05 per share for gross proceeds of up to C$1 million.
The proceeds of the financing will be used for the acquisition of the two prospective lithium pegmatite projects in the Eeyou Istchee James Bay territory of Quebec, preliminary field work on the projects and for general working capital purposes.
READ: Idaho Champion closes first tranche of private placement; raises gross proceeds of C$585,000
In connection with the private placement, the company said it paid a finders’ fee of C$21,250 in cash.
Completion of the private placement and payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange, it added.
In accordance with applicable Canadian securities laws, all securities issued under 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