Independence GOLD Announces Closing of Oversubscribed $2,150,000 Non-Brokered Private Placement

NEWS RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

December 30, 2020 TSX Venture: IGO

INDEPENDENCE GOLD ANNOUNCES CLOSING OF OVERSUBSCRIBED $2,150,000 NON-BROKERED PRIVATE

PLACEMENT

Vancouver, B.C. – Independence Gold Corp. (TSX.V: IGO) (the "Company") wishes to announce that it has closed a

second and final tranche of the non-brokered private placement announced on December 8, 2020 (the “Offering”).

The Company issued 4,285,714 units (the “Units”) at a price of $0.14 per Unit for proceeds of $599,999.96 (the

“Unit Proceeds ”), and 4,687,500 flow -through common shares (“FT Common Shares ”), and together with the

Units, the “Securities”) at a price of $0.16 per FT Common Share for pr oceeds of $750,000 (together with the Unit

Proceeds, the “ Funds”). Including the first tranche of the Offering (the “First Tranche”) announced on December

21, 2020 (the “First Tranche Announcement ”), the Company raised an aggregate total of $2,149,999.96 under the

Offering, representing an over subscription of 312,500 FT Common Shares for proceeds of approximately $50,000,

from the originally announced Offering.

Each Unit consists of one common share and one -half common share purchase warrant (each, a “ Warrant”). Each

whole w arrant (“Warrant”) is exercisable into one common share in the capital of the Company at an exercise

price of $0.20 per common share for a period of 24 months from th e date of issue. In connection with the second

tranche closing , the Company paid aggregate cash finder’s fee s of $ 33,468 cash and issued an aggregate of

215,603 finders compensation options (“ Finder’s Options”) In connection with the distribution of FT Shares and

Units to arm’s length subscribers. Each Finder’s Option e ntitles the holder to purchase one c ommon share of the

Company at a price of $0.20 per common share until December 30, 2022.

In accordance with applicable securities legislation, all securities issued pursuant to the Offering are subject to a

hold period of four months plus one day from the date of the completion of the Offering.

The Flow-Through Funds will be used by the Company to incur for “Canadian exploration expenses” as defined by

the Income Tax Act (Canada) at its 3Ts Property, as well as its Merit and Nicoamen properties in British C olumbia,

Canada.

ON BEHALF OF THE BOARD OF INDEPENDENCE GOLD CORP.

“Randy Turner”

Randy Turner, President and CEO

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.

All statements in this press release, other than statements of histo rical fact, are "forward -looking information" with respect to

Independence within the meaning of applicable securitie s laws, including statements with respect to the Com pany’s planned

drilling and exploration activities. The Company provides forward -looking statements for the purpose of conveying information

about current expectations and plans relating to the future and readers are cautioned that such statements may not be

appropriate for other purposes. By its nature, this information is subject to inhere nt risks and uncertainties that may be general

or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove

to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.

These risks and uncertaintie s include but are not limited to tho se identified and reported in Independence’s public filings under

Independence Gold Corp.’s SEDAR profile at www.sedar.com. Although Independence has attempted to identify important

factors that could cause actual act ions, events or results to differ materially from th ose described in forward -looking

information, there may be other factors that cause act ions, events or results not to be as anticipated, estimated or intended.

There ca n be no assurance that such informat ion will prove to be accurate as actual results and future events could differ

materially from those anticipated in such statements. Independence disclaims any intention or obligation to update or revise

any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

UNITED STATES ADVISORY. The securities referred to herein have no t been and will not be registered under the United States

Securities Act of 1933, as amended (the "U.S. Securities Ac t"), have been offered and sold outside the United S tates to eligible

investors pursuant to Regulation S promulgated under the U.S. Securit ies Act, and may not be offered, sold, or resold in the

United States or to, or f or the account of or benefit of, a U .S. Person (as such term is defined in Regulation S under the United

States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration

requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in

accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy

any securities, nor shall there be any sale o f securities in the state in the United States in wh ich such offer, solicitation or sale

would be unlawful.