Idaho Champion (CSE:ITKO, OTCQB:GLDRF) Gold Mines Canada Inc said it has closed the third and final tranche of its private placement offering, bringing the total proceeds raised to C$1,240,000.
The exploration company announced a non-brokered private placement of up to 20,000,000 shares at a price of $0.05 each for gross proceeds of up to $1,000,000 last month.
"There is no denying that navigating the current market conditions has been tough for every issuer, but especially for junior resource companies,” Idaho Champion president and CEO Jonathan Buick said in a statement. “We are grateful for the support our company has received since announcing our pivot to the battery metals space.”
As part of the closing of the final tranche, Idaho Champion issued 3,900,000 shares for gross proceeds of $195,000. It also paid a finders' fee of $4,750 in cash.
READ: Idaho Champion closes second tranche of private placement; raises gross proceeds of C$460,000
The company said previously that 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, for preliminary fieldwork on the projects and general working capital purposes.
"We are finalizing the previously-announced acquisition of the highly prospective lithium projects in Quebec and are working on the exploration program for our cobalt projects in the Idaho Cobalt Belt, where our neighbour Jervois Global has just commissioned the only primary cobalt mine in the US to-date,” Buick noted.
“This will be an exciting time for Idaho Champion, and we look forward to updating shareholders on our progress," he 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.
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 (CSE), the company noted.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective mineral properties located in Idaho, United States and shortly, in Quebec, Canada.
The company has four cobalt properties in Lemhi County in the Idaho Cobalt Belt. It has also been advancing the Baner gold project in Idaho County and the Champagne polymetallic project located in Butte County near Arco.
Contact the author at jon.hopkins@proactiveinvestors.com