Mr. Randy Turner reports
INDEPENDENCE GOLD ANNOUNCES ADJUSTMENT TO $1.3 MILLION FINANCING
Independence Gold Corp. is modifying the terms of the private placement equity financing that was announced on Nov. 16, 2022, due to market conditions of up to a maximum of 21,666,666 shares comprising a combination of flow-through (FT) common shares and units. Both the FT shares and the units will be offered at a price of six cents for a maximum aggregate proceeds of $1.3-million, and a combined total of a maximum of up to 21,666,666 shares to be issued, on an undiluted basis (excluding any shares issuable on the exercise of warrants forming part of the units). Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at an exercise price of 12 cents 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 of 6 per cent for eligible subscribers and finders' warrants may be payable to eligible arm's-length persons with respect to certain subscriptions accepted by the company. Each finders' warrant is exercisable for one common share at a price of 12 cents for a period of 24 months.
The proceeds from the sale of the offering will be used by the company to finance 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.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.