Unigold Announces Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2011) - Unigold Inc. (TSX VENTURE:UGD) is pleased to announce a proposed non-brokered private placement of up to 25,000,000 units of securities $0.10 per unit (each, a "Unit") for gross proceeds of up to $2,500,000 (the "Offering"). Each Unit comprises one common share of the Corporation ("Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.15 per share at any time within two years after the issuance of the Warrant.

The gross proceeds from the sale of the Units will be used for exploration on Unigold's properties in the Dominican Republic and for general corporate purposes.

In connection with the Offering, Unigold may pay a finder's fee. The finder's fee will consist of a 7% cash commission and a finder's warrant (the "Finder's Warrant") equal to 7% of the number of Units referred. Each Finder's Warrant shall be exercisable into one Common Share at a price of $0.10 per share for a period of two years from the date of closing.

It is anticipated that the Offering will close on or about October 31, 2011. The Offering is subject to the receipt of all regulatory or other approvals that may be necessary in order to complete the transactions contemplated herein. All securities to be issued pursuant to this Offering will be subject to a statutory four month hold period.

About Unigold

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.