This News Release is not for Distribution or Dissemination in the United States of America
TORONTO, ON / ACCESSWIRE / September 25, 2019 / Ubique Minerals Limited ("Ubique")(CSE:UBQ) announces it has closed a non-brokered private placement to raise $68,000 to further its exploration and definition of zinc deposits at Daniel's Harbour, Newfoundland, of which $62,375 is from flow through units and $5,625 is from hard dollar units. Of this amount $47,700 was invested by officers and directors of Ubique.
The Ubique private placement comprised 75,000 Hard-Dollar Units ("HDU") each priced at $0.075 per Unit and 733,825 Flow-Through Units ("FTU") each priced at $0.085 per Unit. Each HDU comprises one share with one warrant attached with the warrant providing the right to buy one share at a price of $0.10 for a period of 24 months from the date of closing of this financing by Ubique. Each FTU comprises one share with one warrant attached with the warrant providing the right to buy one share at a price of $0.10 for a period of 24 months from the date of closing of this financing by Ubique. The warrants will be subject to an accelerated exercise clause during their 24 month life, in the event that the share price exceeds $0.20 for a period of ten trading days. Prior to exercise of the warrants, the total private placement common shares will represent 1.82% of the increased share capital of Ubique. Should all the warrants be exercised, then an additional $68,000 will be raised for Ubique and the total private placement common shares will represent 3.57% of the increased share capital of Ubique. The terms of this private placement are subject to approval by the Canadian Stock Exchange ("CSE").
A finder's fee of $1,224 and 14,400 finders warrants was paid as a part of this private placement.
The proceeds are intended to be used for a follow-on drilling on Ubique's Daniels Harbour Zinc Project and initial drilling of zinc targets on the adjacent MinKap Resources Inc. ("KAP") option property, both on the island of Newfoundland, Canada, other exploration, administrative costs and general working capital for Ubique. The KAP option was announced in a press release dated February 14th, 2019 and drilling results and drilling plans were announced in a press release dated February 28th, 2019. All these press releases are available from the Company website and SEDAR (www.sedar.com).
Ubique's Daniels Harbour Zinc Project - Plans for 2019 Diamond Drilling Program.
Ubique owns 109 claims located in the Daniel's Harbour area in Newfoundland, Canada, covering 27 sq. kms, in two blocks and has another 42 claims covering 10 sq. kms. under option from MinKap Resources Inc. The Ubique claims cover three zones of zinc mineralization, namely P Zone, Cobo's Pond and Tilt Pond. The P Zone is where Ubique completed most of its 2017 and 2018 drilling programs, the highlight of which was a true width intersection of 13.6% Zinc over 12.2 metres including 17.43% Zinc over 8.6m. More than 20 historic and recent drill holes in this target area have intersections with greater than 4% zinc over at least 2 metres true widths and demonstrate the zone extends for at least 150 metres. The KAP Option claims cover areas of the historic mining activity and research has identified five high priority drill target areas where historic drilling intersected mineralization, including a true width interval of 5.73m of 8.96% zinc in the 1386 zone. The first drill hole will be located in the 1386 Zone to attempt to duplicate the intersection. Subsequent drill holes will target the Nose Zone. The former drilling at each of these sites is considered as historic and not acceptable under the criteria defined by National Instrument 43-101 without demonstrated duplication and validation.
Ubique intends to then move the drill to its own claims to follow up on the 2017 and 2018 diamond drilling results which discovered the PE zone of high grade zinc mineralization with the objective of extending the length of the zinc mineralized zone in anticipation of estimating a resource.
The zinc mineralization intersected is a very pale coloured sphalerite, characteristic of a low-iron Mississippi-Valley-Type carbonate rock geological environment analogous to many large deposits in north America. Seven million tonnes, averaging 7.8% zinc, were mined from the former Daniel's Harbour mine and processed on site to yield a very high grade concentrate for shipping from a nearby deep water port facilities to a custom zinc smelter. (Wardle, R.J. (2000) Mineral Commodities of Newfoundland and Labrador - Zinc and Lead; Government of Newfoundland and Labrador, Geological Survey, Mineral Commodities Series Number 1).
About Ubique Minerals Limited.
Ubique Minerals Limited is a zinc exploration company listed on the CSE (CSE:UBQ). It has focused on exploration of its 100% owned Daniel's Harbour zinc property in Newfoundland, and was initially funded for two years by private equity including that from Greenbank Capital Inc (CSE:GBC and OTCMKTS:GRNBF and FRA:2TL). Ubique became a publicly listed company in September 2018. Ubique undertook one drilling program on its Daniel's Harbour zinc project in 2017 and two more drilling campaigns in 2018 which were successful in delineating zinc mineralization extending from the vicinity of former mine workings. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide, and has an extensive database of historic exploration results from the Daniel's Harbour area. For more information on Ubique please contact Gerald Harper, CEO, at (416) 232-9114 or by email [email protected] or see www.ubiqueminerals.com
Dr. Gerald Harper, P.Geo.(Ont), the CEO of Ubique, is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
More information regarding Ubique's exploration activities and results will be found on their website at www.ubiqueminerals.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Ubique Minerals Limited., the raising of additional capital and the future development of the business. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Ubique can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Ubique disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Ubique Minerals Limited