Unigold Proposes to Extend Warrants
June 07 2022 - 6:00AM
Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD; OTCQX: UGDIF;
FSE:UGB1) announces that the Company intends to extend the expiry
dates of a total of 16,629,167 share purchase warrants (the
“Warrants”), by six months to December 23, 2022 (the “Warrant
Extension”). The Warrants were issued pursuant to a private
placement which closed on June 23, 2020 and are currently set
to expire on June 23, 2022. Each Warrant entitles the holder
thereof to acquire one common share of the Company at a price of
$0.30 per common share and all other terms of the Warrants,
including exercise price, will remain the same.
The Company has made an application to the TSX
Venture Exchange (the “TSXV”) in respect of the Warrant Extension.
The Warrant Extension is subject to the approval of the TSXV.
A total of 150,650 Warrants are held by parties
who are considered to be “related parties” of the Company.
Therefore, the amendment of Warrants constitutes a “related party
transaction” as contemplated by Multilateral Instrument
61-101 Protection of Minority Shareholders in Special
Transactions, and TSXV Policy 5.9 - Protection of Minority
Shareholders in Special Transactions. However, the exemptions from
formal valuation and minority approval requirements provided for by
these guidelines can be relied upon as the fair market value of the
Warrants held by insiders does not exceed 25% of the market
capitalization of the Company. Upon receipt of the approval of the
TSXV of the Warrant Extension, a material change report in respect
of the Warrant Extension will be filed by the Company.
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. In early 2022
Unigold applied to convert part of the Nieta exploration concession
not an Exploitation Concession which is the first step towards
establishing production from the oxide gold target. A feasibility
study and an environmental and social impact study are underway.
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.
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. For more information, please visit
https://www.unigoldinc.com/profile/forward-looking-statement.
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.
For further information please visit http://www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
jhamilton@unigoldinc.com
T. (416) 866-8157
Unigold (TSXV:UGD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Unigold (TSXV:UGD)
Historical Stock Chart
From Jul 2023 to Jul 2024