- Golden Independence Mining (IGLD) has raised C$4 million to fund its near-term exploration plans at its projects in Canada and the United States
- The company issued a total of 14,285,714 units at a price of $0.28 each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will be exercisable at a price of $0.42 per share for a period of one year
- In addition to the exploration work, a portion of the proceeds have been used to make payments related to an option agreement with America’s Gold Exploration
- Golden Independence Mining (IGLD) is currently up 4.88 per cent and is trading at $0.43 per share
Golden Independence Mining (IGLD) has raised C$4 million to fund its near-term exploration plans at its projects in Canada and the United States.
Under the terms of the placement, the Vancouver-based company issued a total of 14,285,714 units at a price of $0.28 each. These units are comprised of one common share in Golden Independence Mining and half of one transferable common share purchase warrant.
Each whole units will entitle the holder to acquire an additional common share at a price of $0.42 per share, exercisable for a period of one year from the date of issuance.
However, should the company’s shares trade at or above a price of $0.65 for a period of ten consecutive trading days, the expiry date of the warrants may be brought forward.
In connection with the placement, Golden Independence Mining issued a total of $132,925 in cash and 462,731 share purchase warrants to certain finders parties as consideration for their services.
Tim Henneberry, CEO of Golden Independence Mining, said the overwhelming support for the financing provides a significant vote of confidence for the company’s projects.
“The capital raised will allow us to rapidly advance our near-term exploration plans, commencing early October.
“Our focus remains on de-risking the Independence Project through a confirmatory and expansionary fully permitted drill program of up to 180 holes, leading to an updated resource estimate in conjunction with contemporaneous advancements on permitting and development,” he added.
With the financing now complete, a portion of the proceeds have also been used to advance a payment of approximately $66,600 in cash and 500,000 common shares to America’s Gold Exploration according to the terms of an option agreement.
The agreement was signed on August 28, 2020, and allows Golden Independence Mining to acquire up to a 75 per cent interest in the advanced-stage Independence Gold Property, located in the Battle Mountain-Cortez Trend of Nevada.
Golden Independence Mining (IGLD) is currently up 4.88 per cent to $0.43 per share at 3:07pm EDT.