Ubique Closes Private Placement and Issues Shares for Services

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TORONTO, ON / ACCESSWIRE / December 7, 2022 / Ubique Minerals Limited ("Ubique" or the "Company") (CSE:UBQ) is pleased to announce that the Company has closed the first tranche of the non-brokered private placement offering announced on August 11, 2022 (the "Offering"). The total gross proceeds for the first tranche of the Offering is $879,601 payable in a combination of cash, debt settlement of amounts owed to an officer and consultants and shares in capital of Greenbank Capital Inc. (CSE:GBC). The Company has also issued shares for services, pursuant to an online marketing agreement, previously announced on January 4, 2022.

Private Placement Offering

The first tranche of the Offering comprises 5,864,009 units, priced at $0.15 per unit for total gross proceeds of $879,601. Each unit comprises one common share and one share purchase warrant, with each warrant granting the holder the right to purchase one additional common share at $0.20 per share for 24 months from the closing date.

Subscribers paid $288,601 in cash for the issuance of 1,924,011 units. Additionally, a director and three consultants agreed to settle total outstanding debts of $141,000 in consideration of the issuance to them of a total of 939,999 units. Further, the Company has agreed to issue 2,999,999 units to GBC and certain existing GBC shareholders, for $450,000, payable in 2,903,244 GBC common shares. The closing price of GBC's shares on the CSE on December 6, 2022 was $0.155.

The Company has paid a cash commission of $9,040 and issued 60,266 broker warrants, with each broker warrant granting the holder the right to purchase one common share of the Company at $0.20 per share for the period of 24 months from the closing date.

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The net proceeds from the sale of the Units will be used for general working capital purposes.

The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange.

Shares for Services

Pursuant to the online marketing agreement with Agora Internet Relations Corp. ("Agoracom"), the Company has also issued 899,139 common shares at a weighted average price of $0.1005, for services provided.