TORONTO, ON / ACCESSWIRE / February 14, 2020 / Mr. Jonathan Buick announces that effective February 14, 2020 he will acquired ownership of or control over an additional aggregate of 1,304,050 units (the "Units") at a deemed price of $0.08 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 $104,325.00 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 $0.15 for a period of 60 months from date of the issue.
Prior to acquiring such Common Shares, Mr. Buick owned or controlled 6,086,301 Common Shares, representing approximately 12.48% of the then issued and outstanding Common Shares, and 1,000,000 stock options (the Stock Options") and 2,084,450 Warrants, which, if exercised bring his ownership to approximately 17,68% of the Issuer's Common Shares on a post-conversion ownership basis.
As a result of the above-noted acquisition, Mr. Buick will own or control 7,390,351 Common Shares representing approximately 13.30% of the issued and outstanding Common Shares, 1,000,000 Stock Options and 3,388,500 Warrants. Assuming exercise of the Options and Warrants, the Acquiror would own, directly and indirectly, a total of 11,778,851 Common Shares representing approximately 19.65% 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:
401 Bay Street, Suite 2702
Toronto, Ontario M5H 2Y4
SOURCE: Idaho Champion Gold Mines Canada Inc.