TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- Mr. Jonathan Buick announces that effective May 17, 2019 he will acquired ownership of or control over an additional aggregate of 1,684,450 units (the “Units”) at a deemed price of $0.10 per common share (the “Common Share”) in the capital of Idaho Champion Gold Mines Canada Inc. (“Idaho Champion or the “Issuer”) (CSE: ITKO) through conversion of an aggregate of $168,445 of debt owed by the Issuer.
Each unit will consist of one (1) common share and one (1) non-transferrable purchase warrant (the “Warrant”). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.20 for a period of 36 months from date of the issue.
Prior to acquiring such Common Shares, Mr. Buick owned or controlled 4,001,851 Common Shares representing approximately 10.06% of the issued and outstanding Common Shares of Idaho Champion.
As a result of the above-noted acquisition, Mr. Buick will own or control 5,686,301 Common Shares representing approximately 12.78% of the issued and outstanding Common Shares and 1,684,450 Warrants. Assuming exercise of the warrants, the Acquiror would own, directly and indirectly, a total of 7,370,745 common shares representing approximately 16.57% of the Issuer’s issued common shares on a post-conversion beneficial ownership basis.
Mr. Buick has no present intention of acquiring additional securities of Idaho Champion. Depending upon his evaluation of the business, prospects and financial condition of the Issuer, the market for Idaho Champion's securities, general economic and tax conditions and other factors, Mr. Buick may acquire more or sell some or all of his securities of Idaho Champion.
Idaho Champion relied on the exemption provided in section 2.14 - Securities for Debt of the National Instrument 45-106 - Prospectus Exemptions.
For more information and to obtain a copy of the early warning report required by securities legislation and filed on SEDAR under Idaho Champion' company profile at www.sedar.com. please contact:
Jonathan Buick
401 Bay Street, Suite 2702
Toronto, Ontario M5H 2Y4
Telephone: 416-569-7092