Vancouver, British Columbia–(Newsfile Corp. – March 6, 2018) – Indigo Exploration Inc. (TSXV: IXI) (FSE: INE) has closed a non-brokered private placement of 7,683,334 units priced at $0.03 per unit for total gross proceeds of $230,500. Further to the Company’s news release dated February 5, 2018, announcing the original private placement of up 7,000,000 units for gross proceeds of up to $210,000, the number of units offered was subsequently increased to 7,683,334.
Each unit is comprised of one common share and one share purchase warrant, with each warrant being exercisable until March 6, 2021, at an exercise price of $0.05 per share. All securities issued pursuant to the private placement will be subject to a four month hold until July 7, 2018.
In connection with the private placement, the Company has paid cash finder’s fees totaling $12,930, equal to 6% of certain found subscriptions.
Proceeds of the private placement will be used for: Burkina Faso General & Administration costs including: office, part-time salaries, land taxes and legal ($100,000); for additional costs for Burkina Faso, related to maintaining the Hantoukoura title including: travel expenses, legal costs, and additional advocacy support personnel in Burkina Faso ($40,000); and for General Working Capital, including: Head Office General & Administration costs including: accounting, audit, TSX-V fees, transfer agent, and annual general meeting ($75,000); and Offering costs including: finder’s fees and regulatory filing fees ($15,000).
On Behalf of the Board of Directors,
President and CEO
For further information, please contact:
Paul Cowley: (604) 340-7711
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.