Mr. Randy Turner reports

INDEPENDENCE GOLD ANNOUNCES INCREASE TO PRIVATE PLACEMENT FINANCING OF UP TO $6.65M

Independence Gold Corp. has increased the size of its previously announced private placement equity financing, (see news releases dated Oct. 2, 2024) to a maximum of $6.65-million, due to high investor demand.

Under the increased financing terms, the company is proposing to issue up to a maximum of 30,227,272 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 22 cents for a maximum aggregate proceeds of $6.65-million. Each unit will consist of one common share of the company and one-half common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at an exercise price of 28 cents 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 FT shares will be used by the company to incur eligible Canadian exploration expenditures that will qualify as flow-through mining expenditures, as such terms are defined by the Income Tax Act (Canada), related to the 3Ts project, British Columbia. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares, effective Dec. 31, 2024. A portion of the proceeds from the units is also intended to be used for general and administrative purposes.

The offering is expected to close on or before Oct. 23, 2024, and is subject to the 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.