Ubique Closes First Tranche of Private Placement and Issues Shares for Debt

This news release is not for distribution or dissemination in the Unites States of America

TORONTO, ON / ACCESSWIRE / August 28, 2023 / Ubique Minerals Limited ("Ubique" or the "Company") (CSE:UBQ)(FRA:2UM) is pleased to announce that the Company has closed the first tranche of the non-brokered private placement offering announced on August 21, 2023 (the "Offering"). The total gross proceeds for the first tranche of the Offering are $314,217 payable in a combination of cash, and the debt settlement of amounts owed to an office of the Company.

Private Placement Offering

The first tranche of the Offering comprises 3,927,709 units, priced at $0.08 per unit for total gross proceeds of $314,217. 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 $0.15 per share for 24 months from the closing date.

Subscribers paid $164,217 in cash for the issuance of 2,052,709 units. Additionally, Vilhjalmur Thor Vilhjalmsson, CEO and Chairman of Ubique, agreed to settle total outstanding debt of $150,000 by the issuance of a total of 1,875,000 units. The net proceeds from the sale of the Units will be used for general working capital purposes and advancing the company's project at Daniel's Harbour in Canada as well as its exploration interest in Africa.

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.

Separately, on July 7^th, the Company issued 4,000,000 shares to Greenbank Capital Inc as a result of GreenBank choosing to exercise warrants stemming from a previous Ubique private placement offering. Per the terms of the warrants GreenBank held, the 4,000,000 Ubique shares were issued at $0.075 cents each. As consideration for the warrant exercise, Ubique received 6,000,000 newly issued shares in Greenbank Capital (CSE: GBC) at an issuance price of $0.05 per GreenBank share.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.