Independence Gold closes $3.5 million private placement financing

Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) completed a non-brokered private placement raising $3.5 million, the company announced December 19.

The Vancouver-based mining company issued 3,622,400 units at $0.10 per unit for proceeds of $362,240, and 28,525,092 flow-through common shares at $0.11 per share for proceeds of $3,137,760.

Each unit consists of one common share and one-half of one warrant. Each whole warrant allows the holder to purchase one common share at $0.15 for 24 months from the issue date.

The company paid $193,545 in finder's fees and issued 1,773,953 non-transferable finder's compensation warrants exercisable at $0.15 per share until December 19, 2027.

Company insiders participated in the placement, purchasing 472,400 units and 500,000 flow-through shares for aggregate proceeds of $102,240. The board of directors unanimously approved the transaction.

"This funding will allow us to focus on growing the resources, as well as a major exploration program at the 3Ts Project," said Randy Turner, president and CEO.

Proceeds from flow-through shares will fund Canadian exploration expenses at the company's British Columbia properties. Unit proceeds will support exploration and general administrative expenses.

All securities are subject to a four-month-plus-one-day hold period from the closing date, according to the company's statement.

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