Ubique Minerals Limited ("Ubique" or the "Company") (CSE:UBQ) announces that it has agreed to convert the outstanding debt owed by Resource 500 V Ltd ("R500"), an Irish exploration company with mineral exploration licenses in Namibia, Africa, into common shares.
In 2022, the Company had advanced EUR 27,500 to R500, for meeting working capital requirements and payments towards obtaining and extending environmental licenses. The Company has agreed to convert the outstanding principal and accumulated interest (at 12% per annum) into 39 common shares priced at EUR 750 per share. On issuance of shares for debt conversion, Ubique owns approximately 23% of R500.
On behalf of the board of directors,
Vilhjalmur Thor Vilhjalmsson
CEO and Director
About Ubique Minerals Limited
Ubique Minerals Limited is an exploration company listed on the CSE (CSE:UBQ) focused on exploration of its Daniel's Harbour zinc property in Newfoundland and is engaged in exploration and is in the process of acquiring a mining asset in Namibia, Africa along with actively looking at other projects around the world. Ubique became a publicly listed company in September 2018. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide and owns an extensive and exclusive database of historic exploration results from the Daniel's Harbour area.
Dr. Gerald Harper, P.Geo (NL), P. Geo (ON), a director of the Company, is the Qualified Person who has reviewed and approved the technical content of this press release.
For more information on Ubique please contact Vilhjalmur Thor Vilhjalmsson by e-mail at [email protected] or see www.ubiqueminerals.com and by phone +354 8697296