| Independence Gold Closes Private Placement; Goldcorp Acquires 19.9% | |
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June 24, 2016
Independence Gold Closes Private Placement; Goldcorp Acquires 19.9%
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC - Independence Gold Corp. (TSX.V: IGO)
('Independence' or 'the Company') is pleased to announce that, further to the news release dated June 20, 2016, it has closed its private placement for total gross proceeds of C$1,959,278 from the sale of 10,884,880 flow through shares ('FT Shares') at a price of $0.18 per FT Share issued. The private placement was part of a donation arrangement structured by Peartree Securities Inc. through which Goldcorp Inc. ('Goldcorp') (TSX:G) (NYSE:GG) acquired all of the FT Shares representing 19.9% of the issued and outstanding common shares of the Company.
The gross proceeds will be incurred on expenditures that qualify as flow-through to further explore and advance the Company's Yukon Projects.
Pursuant to the transaction, Goldcorp has been granted the right to maintain its pro rata ownership percentage during future financings and the right (but not the obligation) to participate in any future equity financing to the extent required to allow Goldcorp to maintain its equity ownership in Independence to a maximum of 19.9% of the issued and outstanding shares, provided that Goldcorp holds not less than 7.5% of the Company. Goldcorp also has the right to match non-equity financing and tolling arrangements related to future exploration on the Company's current and future Yukon properties and a 30 day right of first refusal over any sale, in full or part, of the Company's interest in the Boulevard Project.
The FT Shares are subject to a four month plus one day hold period that will expire on October 25, 2016.
Independence Gold Corp. (TSX.V:IGO) is a well-financed mineral exploration company listed on the TSX Venture Exchange, with a portfolio of projects in the Yukon and the 3Ts Project located in British Columbia. The Company's holdings range from early stage grassroots exploration to advanced-stage resource expansion. For additional information please visit the Company's website www.ingold.ca.
INDEPENDENCE GOLD CORP.
'Randy Turner'
Randy Turner, President & CEO
For further information please contact Corporate Development at 604-687-3959 or [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Independence Gold Corp.
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CODE : IGO.V |
ISIN : CA45344A1075 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Independence Gold is a exploration company based in Canada. Independence Gold is listed in Canada. Its market capitalisation is CA$ 11.8 millions as of today (US$ 8.6 millions, € 8.0 millions). Its stock quote reached its highest recent level on August 05, 2016 at CA$ 0.50, and its lowest recent point on March 19, 2020 at CA$ 0.03. Independence Gold has 56 090 000 shares outstanding. |