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TORONTO, July 12 /CNW/ - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce that the 9,000,000 share purchase warrants and 455,760 broker warrants issued in connection with a private placement completed on July 11, 2006 have been fully exercised by the warrant holders. The Company received a total of $6,977,880 from the exercise of these warrants.
The Company now has approximately $12.5 million in the treasury to fund its ongoing exploration program in the Dominican Republic, and continue to seek potential business projects by way of mergers and or acquisitions which will add value to Unigold.
"Management is very encouraged by the exercise of the warrants and believes it signifies the Company has a very supportive investor base with a high level of confidence in the Company's future", states Dr. Ibrahim M. Eitani, President and CEO of Unigold.
About Unigold Inc.
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Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km(2) Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from an 18-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
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.
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