UGD Unigold Inc

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR
DISSEMINATION IN THE UNITED STATES


Unigold Inc. (TSX VENTURE:UGD) (the "Company") is pleased to announce the
closing of the first tranche of its previously announced non-brokered private
placement. The Company issued 20,800,000 units of the Company (the "Units") at a
price of $0.10 per Unit for aggregate gross proceeds of $2,080,000 (the "First
Offering"). 


Each Unit consisted of one common share of the Company and one-half of one
common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant
entitles the holder thereof to acquire one common share of the Company (the
"Warrant Shares") at a price of $0.15 at any time until November 17, 2013.


In connection with their services in introducing subscribers to the Company, the
Company will pay a cash finder's fees to PowerOne Capital Markets Limited and
Stifel Nicolaus Canada Inc. (collectively, the "Finders") equal to 7% of the
aggregate gross proceeds raised by the Company from subscribers introduced by
such finders. Additionally, the Company will issue finder's warrants equal to up
to 7% of the total number of Units sold under the Offering (the "Finder's
Warrants") to the Finders in consideration for their efforts in introducing
subscribers to the Company. Each Finder's Warrant entitles the holder to
purchase one Common Share at an exercise price of $0.10 until the date which is
24 months from the closing of the Offering. 


The net proceeds of the offering will be used by the Company (i) to conduct
mineral exploration activities in respect of the Company's projects located in
the Dominican Republic, and (ii) for general corporate purposes.


Completion of the Offering is subject to receipt by the Company of the final
approval of the TSX Venture Exchange. All securities issued under or in
connection with the Offering will be subject to a hold period in Canada until
March 18, 2012.


These securities have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state
and may not be offered or sold in the United States or to US persons (as defined
in Regulation S of the US Securities Act) unless an exemption from registration
is available.


About Unigold Inc.

Unigold is a growth-oriented junior natural resource company focused primarily
on exploring and developing a large land position in the Dominican Republic
which is highly prospective for gold mineralization.


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.

Unigold (TSXV:UGD)
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