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Unigold Announces Closing of First Tranche of Non-Brokered Private Placement of up to $1,600,000
TORONTO, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD, OTCQX:UGDIF, FSE:UGB1) is pleased to announce that it has clos
About this update from Unigold Inc.
[{"type":"text","content":" TORONTO, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD, OTCQX:UGDIF, FSE:UGB1) is pleased to announce that it has closed a first tranche (“First Tranche”) of a non-brokered private placement of up to 20,000,000 units of the Company (each, a \"Unit\") at a price of $0.08 per Unit for gross proceeds of up to $1,600,000 (the \"Offering\"). Each Unit consists 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) one year 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 Company has issued 17,500,000 units for aggregate gross proceeds of $1,400,000. No finders were paid in connection with this closing of the Offering. 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. All securities issued under the Offering are subject to a four-month hold period until January 7, 2023. The Offering is subject to final acceptance of the TSX Venture Exchange. The following \"insiders\" of the Company subscribed for Units under the Offering: Insider Insider Relationship Units Purchased Joseph Hamilton Director of Issuer 1,000,000 Normand Tremblay(1) Director of Issuer 400,000 Total: 1,400,000 (1) 6545921 Canada Inc., a holding company of Mr. Normand Tremblay, subscribed to the Offering. Each subscription by an \"insider\" is considered to be a \"related party transaction\" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61- 101\") and Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange. Pursuant to MI 61-101, the Company will file a material change report providing disclosu...