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Independence Gold (TSXV:IGO) has announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $1 million from the placement of up to 14,286,000 units priced at $0.07 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.12 for 24 months, subject to an acceleration clause.

Additional Information:

Company: Independence Gold
Website: http://www.ingold.ca
Stock Symbol: TSXV: IGO
Date Published: Jul 22, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Independence Gold has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $1 million from the placement of up to 14,286,000 units priced at $0.07 per unit.

The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.12 for 24 months, subject to an acceleration clause.

The shares are currently trading at $0.125.

The net proceeds will be used to fund the upcoming exploration programs at the Merit, Nicoamen and 3T’s properties, and may also be used for general and administrative purposes.

The Merit and Nicoamen properties, acquired in February 2019 from Almadex Minerals, are 2.5 hours from Vancouver and accessible by highway.

At the Merit property, surface mapping, prospecting and property wide ground geophysics were completed in 2019.

The Sullivan Ridge, a 700 x 300 meter area and main zone of mineralization, returned values from trace to 9.5 grams per tonne gold and 341 grams per tonne silver.

At the Nicoamen property, surface mapping, prospecting and ground geophysics were completed in 2019.

Trench samples returned assays of 0.5 grams per tonne gold over 4.9 meters and 3.19 grams per tonne gold over 0.2 meters, and a historic float sample returned 64.87 grams per tonne gold.

The company has budgeted $1,000,000 for 2020 which will include a 2,000 meter drill program at both properties.

The 100% owned 3T’s property, which covers approximately 5,200 hectares, is located 185 kilometers southwest of Prince George in central BC.

The property has had extensive exploration including 224 holes of diamond drilling totalling 44,000 meters and 43 trenches covering 1,875 meters.

The company has budgeted $400,000 for 2020 which will include a 2,300 meter, 11 hole drill program.

For more information, please visit the company’s website at www.ingold.ca, contact Randy Turner, President and CEO, at 604-687-3959 or by email at info@ingold.ca.

I’m Megan Edwards for Investmentpitch Media