Champion Electric Announces $1 Million Private Placement

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) has announced a private placement of up to 25,000,000 flow-through shares (FT Shares) at $0.04 per FT Share. The company anticipates gross proceeds of up to $1,000,000.

Qualifying as Flow-Through Shares

The FT Shares will qualify as ‘flow-through shares’ within the meaning of subsection 66(15) of the Income Tax Act (Canada). The funds raised will be used for Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures.

Usage of Proceeds

The proceeds from the issuance of the FT Shares will fund Qualifying Expenditures on the company’s properties in Quebec. The company will renounce the expenses to subscribers effective by December 31, 2024.

Closing Details

The private placement is expected to close around August 14, 2023. Securities issued through the placement will have a hold period of four months and one day, as per Canadian securities laws. Completion is subject to regulatory approvals, including that of the Canadian Securities Exchange (CSE).

About Champion Electric Metals Inc.

Champion Electric is a discovery-focused exploration company advancing lithium properties in Quebec, Canada, and cobalt properties in Idaho, United States. It also owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County. Champion Electric is committed to being a responsible environmental steward and contributing to the local communities where it operates.

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