May 20, 2016 – Vancouver, British Columbia. Indigo Exploration Inc. (TSX-V: IXI, FSE: INE) has closed a non-brokered private placement of 13,750,000 units priced at $0.02 per unit for total gross proceeds of $275,000. Further to the Company’s news release dated April 25, 2016, announcing the original private placement of up 11,750,000 units for gross proceeds of up to $235,000, the number of units offered was subsequently increased to 13,750,000.
Each unit is comprised of one common share and one share purchase warrant, with each warrant being exercisable for up to May 20, 2019, 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 September 21, 2016.
Finder’s fees of $9,000 and $7,500, respectively, have been paid to Haywood Securities Inc. and Leede Jones Gable Inc., equal to 6% of subscriptions to the private placement.
Proceeds of the private placement will be used for annual budget requirements to maintain the Company’s projects in Burkina Faso, including: office/part-time salaries, land taxes, and legal costs; for additional costs for Burkina Faso, related to: travel, legal, Chamber of Mines membership fee, and advisors or consultants related to the securing the Company’s permit extension on the Kodyel property; and for general working capital, including: accounting, legal, audit, filing fees, transfer agent and AGM costs. The additional $40,000 raised will be added to efforts related to securing the Kodyel property.
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.