On August 19, 2024, at 5:30 PM EDT, Champion Electric Metals Inc., a company based in Toronto, Ontario, announced the successful closure of a private placement offering of flow-through shares, resulting in proceeds of $800,000. The flow-through shares issued by the company will qualify as “flow-through shares” as per the Income Tax Act of Canada.
The gross proceeds from the issuance of the flow-through shares will be utilized by the company to incur Canadian exploration expenses that qualify as “flow-through critical mineral mining expenditures” in accordance with the Canadian tax laws. These Qualifying Expenditures will be directed towards the company’s properties in Quebec before December 31, 2024.
As part of the private placement, the company paid a cash finder’s fee of $56,000 and issued 1,120,000 broker warrants to the finder. Each Broker Warrant entitles the finder to purchase one common share of the company at a price of $0.05 within a 24-month period from the date of closing.
All securities issued in the private placement will be subjected to a four-month hold period from the date of issuance, in compliance with Canadian securities laws. Approval from the Canadian Securities Exchange (CSE) is required to finalize the private placement.
It is important to note that the securities offered in this private placement have not been registered under the United States Securities Act of 1933, and may not be offered or sold within the United States without proper registration or exemption.
Champion Electric Metals Inc. is a discovery-focused exploration company focused on advancing its lithium properties in Quebec, Canada, and cobalt properties in Idaho, United States. The company trades on the CSE, OTCQB, and Frankfurt Stock Exchange under different symbols.
For more information about the company, please refer to the Company’s SEDAR profile or their corporate website. This press release serves as a statement of the company’s recent activities and does not constitute an offer to sell or buy securities.
