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Independence Gold Announces Closing of Oversubscribed $2,150,000 Non-Brokered Private Placement

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Independence Gold Corp. (TSX-V: IGO) wishes to announce that it has closed a second and final tranche of the non-brokered private placement announced on December 8, 2020.

 

The Company issued 4,285,714 units at a price of $0.14 per Unit for proceeds of $599,999.96, and 4,687,500 flow-through common shares, and together with the Units, at a price of $0.16 per FT Common Share for proceeds of $750,000. Including the first tranche of the Offering announced on December 21, 2020, the Company raised an aggregate total of $2,149,999.96 under the Offering, representing an over subscription of 312,500 FT Common Shares for proceeds of approximately $50,000, from the originally announced Offering.

 

Each Unit consists of one common share and one-half common share purchase warrant. Each whole warrant is exercisable into one common share in the capital of the Company at an exercise price of $0.20 per common share for a period of 24 months from the date of issue. In connection with the second tranche closing, the Company paid aggregate cash finder’s fees of $33,468 cash and issued an aggregate of 215,603 finders compensation options In connection with the distribution of FT Shares and Units to arm’s length subscribers. Each Finder’s Option entitles the holder to purchase one common share of the Company at a price of $0.20 per common share until December 30, 2022.

 

In accordance with applicable securities legislation, all securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of the completion of the Offering.

 

The Flow-Through Funds will be used by the Company to incur for “Canadian exploration expenses” as defined by the Income Tax Act (Canada) at its 3Ts Property, as well as its Merit and Nicoamen properties in British Columbia, Canada.

 

Posted December 31, 2020

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