Unigold Announces Proposed Strategic Investment from IFC; Shares Up 9%

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Unigold Inc. (UGD.V) announced that IFC, a member of the World Bank Group, is proposing to make a $5 million investment in the company. The potential investment will be IFC's first mining sector investment in the Dominican Republic.

The terms of the potential investment are that IFC would make a $5 million investment in the company at a share price of a 20 day VWAP at $0.25 per share, adding to Unigold's existing cash reserves of $5.8 million. Following this investment, IFC would hold approximately 20-million common shares in the company, representing approximately 8.2% of the issued share capital.

UGD was up 9% to 18 cents, just 2 cents above 52-week lows.

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This article appears in: Investing Commodities
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