Idaho Champion (OTCMKTS:GLDRF) Stock Jumps After First Tranche of Non-Brokered Private Placement

Idaho Champion (OTCMKTS:GLDRF) on September 30, 2022, announced that the firm has closed the first tranche of the recently announced private placement offering. The firm issued 11,700,000 shares for gross proceeds of $585,000 for the first tranche.

Trading Data

On Friday, GLDRF stock moved up 3.31% to $0.0500 with more than 70.55K shares, compared to its average volume of 133.69K shares. The stock moved within a range of $0.0484 – 0.0508 after opening trade at $0.0484.

Idaho Champion Closes First Tranche of Non-Brokered Private Placement

The company opened a non-brokered private placement of about 20,000,000 units at a price of $0.05 per unit for gross proceeds of about $1,000,000. Every unit will comprise a single share. The financing proceeds will be harnessed for the acquisition of two prospective lithium pegmatite projects in Eeyou Istchee James Bay territory of Quebec. Furthermore, the same money will be used for conducting preliminary fieldwork as well as general working capital purposes. The private placement completion remains subject to receipt of all necessary regulatory approvals.

Idaho Champion to acquire lithium pegmatite projects in Quebec

Idaho Champion on September 19, 2022, announced entering into  a binding memorandum of understanding with Quebec Precious Metals Corporation. This will be for the acquisition of 100% interest in two prospective lithium pegmatite projects.

The company, which focuses on discovery-focused exploration, said that along with existing cobalt assets in Idaho, the pending acquisition pivots Idaho Champion’s strategy to concentrate on meaningful impact in the battery metals sector.

Idaho Champion CEO Jonathan Buick said that both Charles and Blanche’s projects put the company in the right place within a quickly growing lithium pegmatite district.

Technical Data

GLDRF stock is trading above the 20-Day and 50-Day Moving averages of $0.0489 and $0.0399 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0448. The company has a total market capitalization of $6.54 million.