Unigold Announces Oversubscribed Private Placement and Increase in Offering Size to approximately $6,000,000 of Units

TORONTO, June 03, 2020 (GLOBE NEWSWIRE) -- Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce an increase in the size of its previously announced non-brokered private placement of units of the Company ("Units"). Due to oversubscribed demand, the private placement will now consist of up to 33,333,334 units at a price of $0.18 per Unit for gross proceeds of approximately $6,000,000 (the "Offering"). Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 until the date that is the earlier of: (i) two years following the date of issue, or (ii) 30 days after the date on which the Company gives notice of acceleration, which notice may be provided no earlier than four months and twenty-one days from the date of issue if the closing price of the Common Shares on a stock exchange in Canada is higher than $0.60 per Common Share for more than 20 consecutive trading days.

The proceeds from the Offering will be used to fund the Company's continued exploration and development on its Neita Concession in the Dominican Republic, and for general working capital purposes.

Finder's fees are expected to be paid in connection with the completion of the Offering in accordance with TSX Venture Exchange policies.

Closing of the Offering may be completed in multiple tranches and is subject to certain closing conditions including, but not limited to, conditional approval from the TSX Venture Exchange and receipt of any other required regulatory approvals. The securities being offered under the Offering will be issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period that will expire four months and one day from the date of issue.

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.

For Further Information please visit www.unigoldinc.com or contact:

Mr. Joseph Hamilton,
Chairman & CEO
[e-mail]
416.866.8157

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.