Unigold Proposes to Extend Warrants

Rhea-AI Summary

Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE: UGB1) announces the extension of the expiry dates of 46,000,342 share purchase warrants to June 28, 2024. The Warrants entitle the holder to acquire one common share at $0.30 per share. The Company has made an application to the TSX Venture Exchange in respect of the Warrant Extensions.

Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE: UGB1) ("Unigold" or the "Company") announces that the Company intends to extend the expiry dates of a total of 46,000,342 share purchase warrants (the "Warrants") to June 28, 2024 (the "Warrant Extensions"). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.30 per common share and all other terms of the Warrants, including exercise price, will remain the same. The Warrants were issued pursuant to the following private placements and all are set to expire on December 29, 2023:

• 16,629,167 warrants, including 193,060 warrants issued to insiders, were issued pursuant to a private placement which closed on June 24, 2020
• 12,596,175 warrants, including 375,850 warrants issued to insiders, were issued pursuant to a private placement which closed on August 10, 2021
• 8,750,000 warrants, including 1,850,000 warrants issued to insiders, were issued pursuant to a private placement which closed on September 7, 2022
• 1,150,000 warrants were issued pursuant to a private placement which closed on September 12, 2022
• 6,875,000 warrants were issued pursuant to a private placement which closed on November 1, 2022

The Company has made an application to the TSX Venture Exchange (the "TSXV") in respect of the Warrant Extensions. The Warrant Extensions are subject to the approval of the TSXV.

A total of 2,418,910 Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company. Upon receipt of the approval of the TSXV of the Warrant Extensions, a material change report in respect of the Warrant Extension will be filed by the Company.

For further information please visit http://www.unigoldinc.com or contact:

Mr. Joseph Hamilton
Chairman & CEO
jhamilton@unigoldinc.com
T. (416) 866-8157

Forward-Looking Statements

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. 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 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. For more information, please visit https://www.unigoldinc.com/profile/forward-looking-statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189810

FAQ

What is the latest announcement from Unigold Inc. (TSXV: UGD)?

Unigold Inc. (TSXV: UGD) announces the extension of the expiry dates of 46,000,342 share purchase warrants to June 28, 2024.

What is the purpose of the share purchase warrants issued by Unigold Inc. (TSXV: UGD)?

Each Warrant entitles the holder to acquire one common share of the Company at a price of $0.30 per common share.

What is the impact of the Warrant Extensions on Unigold Inc. (TSXV: UGD)?

The Warrant Extensions are subject to the approval of the TSX Venture Exchange and will extend the expiry dates of the share purchase warrants.

How can I find more information about the Warrant Extensions by Unigold Inc. (TSXV: UGD)?

For further information, visit the company's website at http://www.unigoldinc.com or contact Mr. Joseph Hamilton, Chairman & CEO, at jhamilton@unigoldinc.com or (416) 866-8157.