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TORONTO, ONTARIO -- (Marketwired) -- 05/02/16 -- Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to
announce that it has appointed a syndicate of agents, including M Partners and Primary Capital Inc. (the "Agents") to sell by way
of a private placement up to 8,333,334 units of the Company (the "Units") at a price of C$0.30 per Unit for gross proceeds of up to
C$2,500,000 (the "Private Placement"). Each Unit will consist of one common share of the Company (a "Unit Share") and one common
share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant
Share" and together with the Units, Unit Shares, and Warrants, the "Securities") for a period of 24 months from the closing date of
the Private Placement (subject to early expiry as described below) at a price of C$0.45 per Warrant Share. Unigold has also granted
the Agents a "greenshoe" option, exercisable in whole or in part any time up to 48 hours before the closing of the Private
Placement, to purchase an additional 20% of the Units sold pursuant to the Private Placement on the same terms and conditions as
the Private Placement to cover over-allotments and for market stabilization purposes.
The proceeds from the Private Placement will be used to fund the Company's continued exploration and development of its gold
assets in the Dominion Republic, and for general working capital purposes.
Pursuant to the terms of the Warrants, the Company will have the right to accelerate the expiry date of the Warrants on notice
to the Warrant holders if the closing price of the Company's common shares on a stock exchange in Canada is higher than C$0.90 per
common share for more than 20 consecutive trading days after four months and one day from the closing date of the Private
Placement, in which case the Warrants will expire 30 days after the date on which such notice is given.
The Securities to be issued under the Private Placement will be offered pursuant to applicable exemptions from the prospectus
requirements under applicable securities laws. Closing of the Private Placement is anticipated to occur on or before May 18, 2016
and is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. The Securities
issued under the Private Placement will be subject to a four month hold period which will expire four months and one day from the
date of closing of the Private Placement.
About Unigold Inc. - Discovering Gold in the Caribbean
Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, focused
primarily on exploring and developing its gold assets in the Dominican Republic.
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. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You
can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will",
"estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact
that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just
predictions or opinions and that actual events or results may differ materially. 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, or to update the
reasons why actual results could differ materially from those projected in 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Mr. Joseph Del Campo
Interim President & CEO
416.866.8157
jdelcampo@unigoldinc.com
www.unigoldinc.com