TSX-V Approves Warrant Extension

Rhea-AI Summary

Unigold Inc. has received approval from the TSX-V to extend the expiry date of 29,371,175 share purchase warrants to December 29, 2023. Each warrant allows the holder to acquire one common share at $0.30 per share. The warrants were issued through private placements, with some held by related parties.

Toronto, Ontario--(Newsfile Corp. - August 17, 2023) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE:UGB1) ("Unigold" or the "Company") announces that the TSX-V has approved the expiry date extension of a total of 29,371,175 share purchase warrants (the "Warrants") to December 29, 2023 (the "Warrant Extension"). 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:

• 12,596,175 warrants, including 375,850 warrants issued to insiders, were issued pursuant to a private placement which closed on August 10, 2021 and were set to expire on August 10, 2023
• 8,750,000 warrants, including 700,000 warrants issued to insiders, were issued pursuant to a private placement which closed on September 7, 2022 and are currently set to expire on September 7, 2023
• 1,150,000 warrants were issued pursuant to a private placement which closed on September 12, 2022 and are currently set to expire on September 12, 2023
• 6,875,000 warrants were issued pursuant to a private placement which closed on November 1, 2022 and are currently set to expire on November 1, 2023

A total of 1,075,850 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.

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 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/177550

FAQ

What is the stock symbol of Unigold Inc.?

The stock symbol of Unigold Inc. is UGD on the TSX-V, UGDIF on the OTCQB, and UGB1 on the FSE.

What is the new expiry date for the share purchase warrants?

The new expiry date for the share purchase warrants is December 29, 2023.

What is the exercise price of the warrants?

The exercise price of the warrants is $0.30 per common share.

How many warrants were issued in the private placements?

A total of 29,371,175 warrants were issued in the private placements.

Are there any insider warrants?

Yes, there are insider warrants issued in the private placements.

Does the warrant extension constitute a related party transaction?

Yes, the warrant extension is considered a related party transaction as per the guidelines.

Are there any valuation and minority approval requirements for the related party transaction?

The exemptions from formal valuation and minority approval requirements can be relied upon as the fair market value of the insider-held warrants does not exceed 25% of the market capitalization of the Company.

How can I get more information about Unigold Inc.?

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