Mr. Bruce Reid reports
BRUCE REID ANNOUNCES ACQUISITION OF ADDITIONAL IDAHO CHAMPION SECURITIES
Effective May 17, 2019, Bruce Reid will acquire ownership of, or control over, an additional aggregate of 360,000 units at a deemed price of 10 cents per common share in the capital of Idaho Champion Gold Mines Canada Inc. through the conversion of an aggregate of $36,000 of debt owed by the issuer.
Each unit will consist of one common share and one non-transferable purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of 20 cents for a period of 36 months from the date of the issue.
Prior to acquiring such common shares, Mr. Reid owned or controlled 9,568,726 common shares, representing approximately 24.06 per cent of the issued and outstanding common shares of Idaho Champion.
As a result of the above-noted acquisition, Mr. Reid will own or control 9,928,726 common shares, representing approximately 22.32 per cent of the issued and outstanding common shares and 360,000 warrants. Assuming exercise of the warrants, the acquiror would own, directly and indirectly, a total of 10,288,726 common shares, representing approximately 23.13 per cent of the issuer's issued common shares on a postconversion 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's company profile at SEDAR, please contact:
401 Bay St., Suite 2702,
Toronto, Ont., M5H 2Y4, or telephone: 647-500-4495.
© 2019 Canjex Publishing Ltd. All rights reserved.