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Unigold Inc. (TSXV:UGD) entered into a binding subscription agreement with International Finance Corporation (IFC), confirming the investment by IFC of CAD$5,000,000 in securities of Unigold. IFC has agreed to acquire 20 million units of Unigold, at a price of CAD$0.25 per unit.
As quoted in the press release:
IFC has agreed to acquire 20 million units (“Units”) of Unigold in a private placement transaction (the “Financing”). Each Unit will be composed of one common share of Unigold (each a “Unit Share”) and three-quarters (3/4) of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of Unigold (a “Warrant Share”) at an exercise price of CAD$0.50 for a period of four years from the date of issue, subject to Unigold’s right to accelerate the expiration of the warrants in certain circumstances.
It is expected that upon the closing of the Financing there will be 243,713,235 Common Shares outstanding. Immediately upon the closing of the Financing, it is expected that IFC will hold 8.2 percent of Unigold’s outstanding common shares and approximately 13.5 percent of the Unigold’s outstanding common shares, assuming the exercise of all of the Warrants to be held by IFC.
Unigold Inc. President and Chief Executive Officer, Andrew Cheatle, said:
Unigold is pleased to welcome IFC as a shareholder and partner for the Neita project. We look forward to drawing upon IFC’s expertise to help ensure that the progress at Neita follows global best practices for the mineral exploration industry, the environment, and for working with local communities.
Click here to read the Unigold Inc. (TSXV:UGD) press release