Business
Unigold Announces Closing of Private Placement of 25,192,350 Units for Gross Proceeds of Approximately $3.275 Million
TORONTO, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce that it has closed its previously annou
About this update from Unigold Inc.
[{"type":"text","content":" TORONTO, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Unigold Inc. (\"Unigold\" or the \"Company\") (TSX-V: UGD) is pleased to announce that it has closed its previously announced private placement of 25,192,350 units of the Company (the \"Units\") at a price of $0.13 per Unit for gross proceeds of approximately C$3,275,005 (the \"Offering\"). Each Unit consists of one common share in the capital 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) August 10, 2023, 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. In connection with the closing of the Offering, the Company paid an aggregate of $7,540 in cash to various finders. The net 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, which will expire December 11, 2021. 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 UnitsPurchased Joseph Hamilton Director of Issuer 101,700 Normand Tremblay(1) Director of Issuer 650,000 TOTAL: 751,700 (1) 6545921 Canada Inc., a holding company of Mr. Normand Tremblay, subscribed under 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 Co...