The mineral exploration industry has been one of the more active sectors in recent times, owing to the remarkable rally in the price of gold. Naturally, investors have been much keener on stocks in the gold and mineral exploration space. This morning, the situation is going to be the same, and one of the companies that could well be worth tracking at this point in time is Unigold Inc. (OTC:UGDIF). The company was in the news cycle on Wednesday that the TSX Venture Exchange had approved the expiry date extension of 24,062,500 share purchase warrants to December 31, 2024.
In the news release, the company noted that each warrant entitled the holder to pick up a common share in Unigold for the price of $0.30 each, as before. Additionally, all the other terms of the issued warrants and the exercise price would all remain the same. The warrants had been issued by the company in connection with two different private placements. In the first placement that took place on May 16, 2023, the company issued 16,053,750 warrants, and out of those, 528,750 warrants were issued to Unigold insiders.
The other private placement took place on May 10, 2023, and in that instance, the company issued 8,008,750 warrants, which also included 850,000 warrants that were issued to insiders. It was also announced that as many as 1,378,750 warrants had been issued to those parties who were considered’related parties’ for Unigold. Hence, the act to amend the warrants was also regarded as a’related party transaction’ as per the applicable securities laws. Considering the fact that the company was provided with approval from the TSX Venture Exchange for the amendment of the date, Unigold would file a material change report in relation to the warrant extension with the relevant authorities.
