Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (FSE: 625) has closed a non-brokered private placement raising total proceeds of $6,250,000, the company announced on October 26, 2026. The financing comprises flow-through common shares and units priced at $0.16 each, with the bulk of funds designated for Canadian exploration expenses at its British Columbia properties. The raise fully funds a winter drill program of approximately 10,000 metres at the company's 3Ts Project, a development investors in junior exploration companies may find notable.

Key Points

  • Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (FSE: 625)
  • Closed a $6,250,000 non-brokered private placement on October 26, 2026, upsized from an original financing announced September 29, 2026
  • 37,522,500 flow-through shares issued at $0.16; 1,540,000 units issued at $0.16, each unit containing one-half warrant exercisable at $0.22 for 24 months
  • All securities are subject to a hold period of four months plus one day from closing

Share Structure and Warrant Terms From the $6.25 Million Offering

The offering consisted of 37,522,500 flow-through common shares at $0.16 per share, generating $6,003,600, and 1,540,000 units at $0.16 per unit, generating $246,400. Each unit comprised one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at $0.22 per common share for 24 months from the date of issue. Independence Gold paid aggregate cash finder's fees of $209,817.60 and issued 1,311,360 finder's compensation warrants, also exercisable at $0.22 per share until October 26, 2028.

Insider Participation and Related-Party Transaction Disclosures

Company insiders participated in the offering on the same terms as arm's-length subscribers, subscribing for 759,000 units for aggregate proceeds of $121,440. The company confirmed these transactions qualify as related-party transactions under TSX Venture Exchange policies and Multilateral Instrument 61-101, and that it is relying on applicable exemptions from minority shareholder approval and formal valuation requirements. The board of directors, including independent directors, unanimously approved the offering. No prior formal valuation of the common shares or warrants was conducted, the disclosure states.

Flow-Through Funds to Fully Finance 3Ts Project Winter Drill Program

Proceeds from the flow-through shares must be applied to Canadian exploration expenses at Independence Gold's British Columbia properties, in accordance with the Income Tax Act (Canada). Unit proceeds are allocated to both exploration and general and administrative expenses. The company's release states the winter drill program of approximately 10,000 metres will be fully funded through this financing, targeting several high-priority areas at the 3Ts Project, which the company describes as a district-scale asset. Investors may be watching for further results as the program advances.