Independence Gold Announces Increase to Private Placement Financing
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATON INTO THE USA
NEWS RELEASE
Independence Gold Announces Increase to Private Placement Financing
Vancouver, B.C. ( December 8, 2022) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the
"Company") wishes to announce that it has increased the size of its previous ly announced private
placement equity financing (the “Financing”), (see news releases dated November 16, 2022 and December
6, 2022) to a maximum of $1.6 million dollars, due to investor demand.
Under the increased Financing terms, the Company is proposing to issue up to a maximum of 26,666,666
shares (on an undiluted basis, excluding any shares issuable on the exercise of warrants forming part of
the Units) comprised of a combination of flow-through common shares (the “FT Shares”) and units (each
a “Unit”). Both the FT Shares and the Units will be offered at a price of $0.06 for a maximum aggregate
proceeds of $1,600,000. Each Unit will consist of one common share of the Company (a “Share”) and one
common share purchase warrant. Each warrant (a “Warrant”) will entitle t he holder to purchase one
additional Share at an exercise price of $ 0.12 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% for eligible subscr ibers 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 $0.12 for a period of 24 months.
The proceeds from the sale of the Financing will be used by the Company to fund a winter exploration
program at the Company’s 3Ts Property located in central British Columbia. Exploration is expected to
commence in February 202 3. 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. All securities issued under the Financing will be subject to a four month hold
period.
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 historical fact, are "forward -looking information" with respect to
Independence within the meaning of applicable securities laws, including statements wi th respect to the Company’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 suc h statements may not be
appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be ge neral
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 uncertainties include but are not limited to those identified and reported in I ndependence’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 actions, events or results to differ materially from those described in forward -looking information, there
may be other factors that cause actions, events or resul ts not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual results and future events could differ materially from th ose
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 not been and will not b e registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligi ble
investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United
States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United St ates
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 accord ance
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 of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.