Unigold Inc said it has closed a private placement of 25,192,350 company units for gross proceeds of C$3,275,005.
Each unit was priced at $0.13 and consists of one common share in the capital of the company and one-half of a common share purchase warrant, entitling the holder to purchase one common share at $0.30 for 24-months.
There is also a stipulation allowing holders to purchase the half share 30 days after the company gives notice of acceleration. However, as the statement notes: “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 Canadian stock exchange] is higher than $0.60 per common share for more than 20 consecutive trading days.”
READ: Unigold’s Neita Concession in The Dominican Republic boasts vast economic potential with polymetallic deposits
The Canadian junior plans to use the proceeds to further fund exploration of its 21,031 hectares Neita Concession property in the Dominican Republic. The development is considered the largest single project within a 75 kilometer-wide Cretaceous-age area known for hosting major gold-copper-silver deposits.
At Neita, Unigold is focused on the Candelones oxide gold deposit within the wholly-owned Neita Fase II exploration concession.
As part of the private placement closing, Unigold paid an aggregate of $7,540 in cash to various finders.
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