TORONTO, ON / ACCESSWIRE / February 14, 2020 / Mr. Bruce Reid announces that effective February 14, 2020 he will acquired ownership of or control over an additional aggregate of 985,570 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 $78,845.60 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. Reid owned or controlled 10,663,726 Common Shares representing approximately 20.74% of the then issued and outstanding Common Shares and 547,500 Warrants which, if exercised, increase his ownership to approximately 21.62% of the Issuer's Common Shares on a post-conversion ownership basis.
As a result of the above-noted acquisition, Mr. Reid will own or control 11,101,796 Common Shares representing approximately 19.98% of the issued and outstanding Common Shares and 1,533,070 Warrants. Assuming exercise of the warrants, the Acquiror would own, directly and indirectly, a total of 12,634,866 common shares representing approximately 22.13% of the Issuer's issued common shares on a post-conversion beneficial ownership basis.
Mr. Reid 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. Reid 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.