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Toronto, Ontario (Newsfile Corp. - March 3, 2021) - Intercontinental Gold and Metals Ltd. (TSXV: ICAU) (the
Company ) is pleased to announce, that further to its press release of February 9, 2021, the Company has closed the first tranche of its previously announced non-brokered private placement (the
Offering ) through the issuance of 2,050,000 units (the
Units ) at a price of $0.135 per Unit for gross proceeds of up to $276,750.
Each Unit is comprised of one common share (each, a
Common Share ) in the capital of the Company and one Common Share purchase warrant (each, a
Warrant ). Each Warrant shall entitle the holder to acquire one (1) Common Share at the exercise price of $0.20 until March 3, 2023 provided, however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed CDN$0.30 for 20 consecutive trading days at any t