Independence Gold Announces Closing of Non-Brokered Private Placement

Executive Summary

• Independence Gold Corp. closed a non‑brokered private placement raising total gross proceeds of $3,500,000.
• The offering consisted of 3,622,400 units at $0.10 each and 28,525,092 flow‑through common shares at $0.11 each, plus related warrants and finder’s warrants.
• Proceeds will be allocated to Canadian exploration expenses (flow‑through portion) and to both exploration and general & administrative costs (unit proceeds).

Key Details

• Units Issued: 3,622,400 units @ $0.10 per unit → $362,240 gross proceeds.
• Flow‑Through Common Shares Issued: 28,525,092 shares @ $0.11 per share → $3,137,760 gross proceeds.
• Total Gross Proceeds: $3,500,000.
• Warrant Structure: Each unit includes one common share and one‑half of a common‑share purchase warrant; each whole warrant exercisable at $0.15 per share for 24 months from issue date.
• Finder’s Warrants: 1,773,953 non‑transferable warrants issued as cash finder’s fees ($193,545) – each warrant allows purchase of one common share at $0.15 until 19 Dec 2027.
• Insider Participation: Insiders purchased 472,400 units and 500,000 flow‑through shares for C$102,240; treated as related‑party transactions under TSX‑V rules.
• Board Approval & Hold Period: Board unanimously approved the placement; securities subject to a four‑month plus one day hold period from closing.
• Use of Proceeds:
• Flow‑through shares → Canadian exploration expenses (per Income Tax Act) at BC properties.
• Unit proceeds → Exploration activities and general & administrative expenses.
• CEO Comment: “We are very pleased that the market continues to support the Company with the completion of another successful financing. This funding will allow us to focus on growing the resources, as well as a major exploration program at the 3Ts Project.” – Randy Turner, President & CEO.

Notable Quotes

• Randy Turner, President & CEO: “We are very pleased that the market continues to support the Company with the completion of another successful financing. This funding will allow us to focus on growing the resources, as well as a major exploration program at the 3Ts Project.”