Mr. Randy Turner reports

INDEPENDENCE GOLD ANNOUNCES INCREASE TO PRIVATE PLACEMENT FINANCING

Independence Gold Corp. has increased the size of its previously announced private placement equity financing (see news release dated Nov. 15, 2023) to a maximum of $2.5-million, due to investor demand.

Under the increased financing terms, the company is proposing to issue up to a maximum of 13,888,888 shares (on an undiluted basis, excluding any shares issuable on the exercise of warrants forming part of the units) comprising a combination of flow-through common shares and units. Both the FT shares and the units will be offered at a price of 18 cents for a maximum aggregate proceeds of $2.5-million. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share at an exercise price of 24 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 7 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 24 cents for a period of 24 months.

The proceeds from the sale of the offering will be used by the company to finance further exploration programs, including drilling, at the company's 3Ts property located in central British Columbia, as well, 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.