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Independence Gold Announces $1.3 Million Financing
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2022) - Independence Gold Corp. (...
About this update from Independence Gold Corp.
[{"type":"text","content":"Independence Gold Announces $1.3 Million FinancingVancouver, British Columbia--(Newsfile Corp. - November 16, 2022) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the \"Company\") wishes to announce a proposed equity financing (the \"Financing\") of up to a maximum of 16,785,714 shares comprised of up to 12,500,000 flow-through common shares (the \"FT Shares\") and up to 4,285,715 units (each a \"Unit\"). The FT Shares will be offered at $0.08 and the Units will be offered at a price of $0.07 for a maximum aggregate proceeds of $1,300,000, and a combined total of a maximum 16,785,715 shares issued. Each Unit will consist of one common share of the Company (a \"Share\") and one-half of one common share purchase warrant. Each whole warrant (a \"Warrant\") will entitle the holder to purchase one additional Share at an exercise price of $0.12 per common share for a period of 24 months. Subject to compliance with applicable securities laws and the approval of the TSX Venture Exchange, finders' fees may be payable to eligible arm's length persons with respect to certain subscriptions accepted by the Company.The proceeds from the sale of the offering will be used by the Company to fund a winter exploration program at the Company's 3Ts Property located in central British Columbia. Exploration is expected to commence in February 2023. A portion of the proceeds from the Units is also intended to be used for general and administrative purposes.Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities issued will be subject to a four month hold period.On October 4, 2022, the Company filed a technical report dated effective August 18, 2022, containing an updated mineral resource estimate for the Company's 3Ts Gold Project (\"Report\"). The Report discloses combined in-pit and underground components of the Tommy and Ted-Mint vein systems on the 3Ts Property containing a total inferred resource estimate of 4,470,000 tonnes grading 3.64 grams per tonne (\"g/t\") gold and 96.26 g/t silver, at a cut-off grade of 0.4 g/t gold equivalent (\"AuEq\") in-pit and 2.0 g/t AuEq underground, containing 522,000 ounces of gold and 13,800,000 ounces of silver. Certain technical information in this press release has been reviewed and approved by Andy Randell, P.Ge...