North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Independence Gold Corp. June 20 reported that Goldcorp Inc. intends to buy 10,884,880 flow-through shares of Independence for net proceeds of C$1,959,278.40.

Upon completion of this private placement financing, Goldcorp will own roughly 19.9 percent of Independence Gold's issued and outstanding shares.

"We are pleased to welcome Goldcorp as a shareholder of Independence.

We view this investment as a validation of our exploration results and as well as positive encouragement for the White Gold District in the Yukon," said Independence Gold President and CEO Randy Turner.

The company said it will use the proceeds of the placement to advance its Yukon projects, which includes the Boulevard gold project that lies immediately southwest of Kaminak Gold Corp.'s Coffee property.

In May, Goldcorp agreed to acquire Kaminak in an all-share transaction valued at roughly C$520 million.

On completion of the Independence Gold financing, Goldcorp will have the right to maintain its equity ownership interest in Independence to a maximum of 19.9 percent of the issued and outstanding common shares.

Goldcorp also will have the right to match non-equity financing and tolling arrangements related to future exploration on Independence's current and future Yukon properties and a 30-day right of first refusal over any sale, in full or part, of the company's interest in the Boulevard project.

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Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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