Independence Gold closes $750,000 private placement financing

Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) completed a non-brokered private placement that raised $750,000 in gross proceeds, the company announced March 18.

The Vancouver-based mining company issued 7,142,858 flow-through common shares at $0.105 per share. The company paid a cash finder's fee of $45,000 and issued 428,571 non-transferable finder's compensation warrants in connection with the offering.

Each finder's warrant allows the holder to purchase one common share at $0.15 per share until March 18, 2028. All securities issued are subject to a four-month and one-day hold period from the completion date under applicable securities legislation.

The company will use proceeds from the flow-through share sale to incur Canadian exploration expenses as defined by the Income Tax Act at its properties in British Columbia, Canada.

The private placement received unanimous approval from Independence Gold's board of directors, including independent directors. The company stated no formal valuation of the common shares and warrants was conducted as it was not required.

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