Unigold Inc (TSXV: UGD) last night announced that it will be conducting a non-brokered private placement. The firm is looking to raise gross proceeds of up to $3.0 million under the offering.
Under the terms of the financing, the company is looking to raise funds via the sale of units at a price of $0.13 per each. Each unit contains one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years at a price of $0.30 per share, subject to an acceleration event. The company may accelerate the expiry of the warrants in the event the equity trades above $0.60 for a period of 20 consecutive trading days.
Proceeds from the financing are to be used for the exploration and development of the firms flagship Neita Concession, located in the Dominican Republic, as well as for general working capital purposes.
A timeline for the closing of the financing was not provided, however the firm expects to do so in multiple tranches.
Unigold Inc last traded at $0.14 on the TSX Venture.
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