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Unigold Announces Closing of First Tranche of Non-Brokered Private Placement of up to $2,000,000
Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE:...
About this update from Unigold Inc.
[{"type":"text","content":"Unigold Announces Closing of First Tranche of Non-Brokered Private Placement of up to $2,000,000Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE: UGB1) (\"Unigold\" or the \"Company\") is pleased to announce that it has closed a first tranche (\"First Tranche\") of a non-brokered private placement of up to 25,000,000 units of the Company (each, a \"Unit\") at a price of $0.08 per Unit for gross proceeds of up to $2,000,000 (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 $0.12 until four years following the date of issue.The Company has issued 3,111,875 units for aggregate gross proceeds of $248,950. 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 September 12, 2024. The Offering is subject to final acceptance of the TSX Venture Exchange.The following \"insiders\" of the Company subscribed for Units under the First Tranche of the Offering: InsiderInsider RelationshipUnits PurchasedOsvaldo Oller V.(1)Director of Issuer2,415,000Normand Tremblay(2)Director of Issuer300,000Total:2,715,000(1) Barview Management Inc., a holding company of Sr. Osvaldo Oller V., subscribed to the Offering.(2) 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 disclosure in relation to each \"related party transaction\" on SEDAR under the Company's issuer profile at www.sedar.com. The Company did not file...