By Sheri Kasprzak
New York, Feb. 1 - Unigold Inc. said it has completed a private placement for C$3,228,923, triggering a change of control of the company to investors in the offering.
The company issued 20,180,770 shares at C$0.16 each to Shairco Ltd.
Proceeds will be used for the company's exploration program.
Following the offering, Shairco owns 36.7% of Unigold's outstanding shares. The placement qualifies as a change of control in the company.
As part of the change of control, David Bell and J. Christopher Cowan have stepped down as directors and will be replaced by Talal Ali Al Shair and Edmond Saadah.
Also, Unigold president John Thompson resigned and will be replaced by Ibrahim Eitani.
The shares were sold on a non-brokered basis.
Based in Toronto, Unigold is a gold exploration and development company.
| Issuer: | Unigold Inc.
|
| Issue: | Stock
|
| Amount: | C$3,228,923
|
| Shares: | 20,180,770
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| Price: | C$0.16
|
| Warrants: | No
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| Investor: | Shairco Ltd.
|
| Settlement date: | Feb. 1
|
| Stock symbol: | TSX Venture: UGD
|
| Stock price: | C$0.58 at close Feb. 1
|
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