Unigold Inc. Announces Closing of Private Placement Financing

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

TORONTO, ONTARIO -- (Marketwire - March 8, 2012) - Unigold Inc. (TSX VENTURE: UGD) (the "Company" or "Unigold") is pleased to announce the closing of its previously announced private placement of 35,053,300 units of the Company (the "Units") at a price of Cdn$0.30 per Unit for aggregate gross proceeds of Cdn$10,515,990 (the "Offering"). The Offering was undertaken by syndicate of underwriters led by Dundee Securities Ltd. together with Primary Capital Inc. as co-lead, and including Stifel Nicolaus Canada Inc., Clarus Securities Inc. and PowerOne Capital Markets Limited (collectively the "Underwriters").

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 $0.50 until March 8, 2014.

As compensation for the services they rendered in connection with the Offering, the Underwriters received a cash commission in the aggregate amount of Cdn$718,620 and an aggregate of 2,395,400 non-transferable broker warrants of the Company (the "Broker Warrants"), with each Broker Warrant entitling the holder thereof to purchase one common share of the Company at a price of Cdn$0.30 at any time until March 8. 2014. The net proceeds of the Offering will be used by the Company to advance the exploration and development of the Company's gold assets in the Dominican Republic and for general corporate purposes.

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 are subject to a hold period in Canada until July 9, 2012.

The securities described herein 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. - Discovering Gold in the Caribbean

Unigold is a growth-oriented junior natural resource company, focused primarily on exploring and developing its gold assets in the Dominican Republic - a country which is highly prospective for gold mineralization.



Certain statements contained in this document, including statements regarding use of proceeds and 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 Canadian 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, except as otherwise required by applicable securities laws, 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

Unigold Inc.
Mr. Andrew Cheatle
President and CEO
+1 (416) 866-8157
unigold@unigoldinc.com
www.unigoldinc.com