Vancouver, British Columbia--(Newsfile Corp. - November 27, 2020) - Golden Independence (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company") announces today it has elected to exercise its right under the terms and conditions of the common share purchase warrants of the Company issued on September 29, 2020 (the "Warrants") to accelerate the expiry date of the Warrants. The original expiry date of the Warrants was September 29, 2021. Each Warrant is exercisable to acquire one common share at an exercise price of $0.42.
Pursuant to the terms of the Warrants, the Company may accelerate the expiry date of the Warrants at any time prior to their expiry, in the event the closing price of the common shares of the Company on the Canadian Securities Exchange is greater than or equal to $0.65 for ten (10) consecutive trading days by providing written notice to the Warrant holders, which may be provided by press release. The Warrants will, unless exercised, expire on the 30th day after the Company provides notice.
As of the close of markets on November 27, 2020, the closing share price of the Company has traded at or above $0.65 for over ten (10) consecutive trading days. Accordingly, the expiry date for the Warrants is accelerated to December 28, 2020 at 5:00 pm (Vancouver time) (the "Accelerated Expiry Date"). Holders are reminded that all Warrants not exercised by 5:00 pm (Vancouver time) on the Accelerated Expiry Date will automatically terminate in accordance with their terms. Holders who wish to exercise their Warrants are encouraged to read the terms of the Warrants contained in the certificates representing such Warrants for instructions on how to exercise the Warrants and to contact the Company with any questions.
As of November 27, 2020, 7,605,588 Warrants remain outstanding. If all outstanding Warrants are exercised, proceeds to the Company will total $3,194,346.96, however there can be no assurance that any of the Warrants will be exercised prior to the Accelerated Expiry Date.
About Golden Independence Mining Corp.
Golden Independence Mining Corp. is an exploration company currently focused on exploring the advanced-stage Independence Gold Property located in the Battle Mountain-Cortez Trend, Nevada and the Champ precious metal property near Castlegar, British Columbia. The Independence Gold Property benefits from over US$25 million in past exploration, including over 200 holes drilled, and is located adjacent to Nevada Gold Mines' Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.
FOR FURTHER INFORMATION PLEASE CONTACT:
R. Tim Henneberry, Chief Executive Officer
Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information” and "forward-looking statements” (collectively "forward-looking statements”) within the meaning of applicable Canadian. All statements, other than statements of historical fact, included herein, without limitation, the Company's expectation that if all outstanding Warrants are exercised, gross proceeds to the Company will total $3,194,346.96, are forward-looking statements.Forward-looking statements are frequently, but not always, identified by words such as "expects”, "anticipates”, "believes”, "intends”, "estimates”, "potential”, "possible”, and similar expressions, or statements that events, conditions, or results "will”, "may”, "could”, or "should” occur or be achieved. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.