Unigold Announces Oversubscribed Private Placement and Increase in Offering Size of up to $3,275,005
July 30 2021 - 6:11PM
Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD, OTCQX:UGDIF,
FSE:UGB1) is pleased to announce an increase in the size of its
previously announced non-brokered private placement of units of the
Company ("Units"). Due to oversubscribed demand, the private
placement will now consist of up to 25,192,350 Units at a price of
$0.13 per Unit for gross proceeds of up to $3,275,005 (the
"Offering"). Each Unit will consist of one common share of the
Company (a "Common Share") and one-half of one common share
purchase warrant (each whole common share purchase warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one Common Share at an exercise price of $0.30 until the
date that is the earlier of: (i) two years following the date of
issue, or (ii) 30 days after the date on which the Company gives
notice of acceleration, which notice may be provided no earlier
than four months and twenty-one days from the date of issue if the
closing price of the Common Shares on a stock exchange in Canada is
higher than $0.60 per Common Share for more than 20 consecutive
trading days.
The proceeds from the Offering will be used to
fund the Company's continued exploration and development on its
Neita Concession in the Dominican Republic, and for general working
capital purposes.
Finder's fees are expected to be paid in
connection with the completion of the Offering in accordance with
TSX Venture Exchange policies.
Closing of the Offering may be completed in
multiple tranches and is subject to certain closing conditions
including, but not limited to, conditional approval from the TSX
Venture Exchange and receipt of any other required regulatory
approvals. The securities being offered under the Offering will be
issued pursuant to applicable exemptions from the prospectus
requirements under applicable securities laws and will be subject
to a hold period that will expire four months and one day from the
date of issue.
About Unigold Inc. – Discovering Gold in the
CaribbeanUnigold is a Canadian based mineral exploration
company traded on the TSX Venture Exchange under the symbol UGD,
the OTCQX exchange under the symbol UGDIF, and on the Frankfurt
Stock Exchange under the symbol UGB1. The Company is focused
primarily on exploring and developing its gold assets in the
Dominican Republic. The Candelones oxide gold deposit is within the
100% owned Neita Fase II exploration concession located in Dajabón
province, in the northwest part of the Dominican Republic. The
Candelones project area is about 20 kilometers south of the town of
Restauraćion. The oxide deposit occurs at surface as a result of
the tropical weathering of underlying mineralization. Unigold has
been active in the Dominican Republic since 2002 and remains the
most active exploration Company in the country. The Neita Fase II
exploration concession is the largest single exploration concession
covering volcanic rocks of the Cretaceous Tireo Formation. This
island arc terrain is host to Volcanogenic Massive Sulphide
deposits, Intermediate and High Sulphidation Epithermal Systems and
Copper-gold porphyry systems. Unigold has identified over 20 areas
within the concession area that host surface expressions of gold
systems. Unigold has been concentrating on the Candelones
mineralization and continues to expand the deeper sulphide
resources with on-going drilling.
For further information please visit www.unigoldinc.com or
contact: Mr. Joseph HamiltonChairman &
CEOjhamilton@unigoldinc.comT. (416) 866-8157
Forward-looking Statements Certain statements
contained in this document, including statements regarding events
and financial trends that may affect our future operating results,
financial position and cash flows, may constitute forward-looking
statements within the meaning of the federal securities laws. These
statements are based on our assumptions and estimates and are
subject to risk and uncertainties. You can identify these
forward-looking statements by the use of words like “strategy”,
“expects”, “plans”, “believes”, “will”, “estimates”, “intends”,
“projects”, “goals”, “targets”, and other words of similar meaning.
You can also identify them by the fact that they do not relate
strictly to historical or current facts. We wish to caution you
that such statements contained are just predictions or opinions and
that actual events or results may differ materially. The
forward-looking statements contained in this document are made as
of the date hereof and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ materially from those projected in the
forward-looking statements. Where applicable, we claim the
protection of the safe harbour for forward-looking statements
provided by the (United States) Private Securities Litigation
Reform Act of 1995.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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