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Independence Gold Announces Closing of $1,600,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2022) - Independence Gold Corp. (TSX...
About this update from Independence Gold Corp.
[{"type":"text","content":"Independence Gold Announces Closing of $1,600,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 22, 2022) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the \"Company\") is pleased to announce that it has closed the non-brokered private placement announced on November 16, 2022 and increased on December 8, 2022 (the \"Offering\").The Company issued 20,523,668 units (the \"Units\") at a price of $0.06 per Unit for proceeds of $1,231,420.08 (the \"Unit Proceeds\"), and 6,142,998 flow-through common shares (\"FT Common Shares\"), and together with the Units, the \"Securities\") at a price of $0.06 per FT Common Share for proceeds of $368,579.88 (together with the Unit Proceeds, the \"Funds\"), for a total proceeds of $1,599,999.96 under the Offering.Each Unit consists of one common share and one common share purchase warrant (each, a \"Warrant\"). Each whole warrant (\"Warrant\") is exercisable into one common share in the capital of the Company at an exercise price of $0.12 per common share for a period of 24 months from the date of issue. The Company paid aggregate cash finder's fees of $9,700 cash and issued an aggregate of 135,000 non-transferable finders compensation warrants (\"Finder's Warrants\") in connection with the distribution of FT Shares and Units to arm's length subscribers. Each Finder's Warrant entitles the holder to purchase one common share of the Company at a price of $0.12 per common share until December 22, 2024.Insiders of the Company participated in the private placement on the same terms and conditions as non-arm's length subscribers, subscribing for a total of 863,668 Units for aggregate proceeds of C$51,820. The issuance of these securities to the insiders of the Company are \"related party transactions\" under the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under Sections 5.7(b) and 5.5(b), respectively, of MI 61-101. There has been no prior formal valuation of the common shares and Warrants issued as there has not been any necessity to do so. The Private Placement has been reviewed and unanimously ...