Business
Ubique Issues 200,000 Common Shares Pursuant to Amended Option Agreement with Ophir Gold Corp.
This news release is not for distribution or dissemination in the United States of America ...
About this update from Ubique Minerals Ltd.
[{"type":"text","content":"Ubique Issues 200,000 Common Shares Pursuant to Amended Option Agreement with Ophir Gold Corp.This news release is not for distribution or dissemination in the United States of AmericaTORONTO, ON / ACCESSWIRE / February 12, 2021 / Ubique Minerals Limited (\"Ubique\" or \"the Company\")(CSE:UBQ) announces that it has issued 200,000 common shares to Ophir Gold Corp., formerly MinKap Resources Inc., and prior thereto Kapuskasing Gold Corp. (TSX-V:OPHR) (\"Ophir\"), pursuant to its option agreement which provides for Ophir granting Ubique an option to earn a 55% or greater interest in Ophir's Daniel's Harbour property in western Newfoundland, which comprises 42 claim units covering an aggregate of 1,326 hectares, adjacent to Ubique's Daniel's Harbour property to its west and making for an overall property area of more than 4,000 hectares.Per the amended agreement, in order to earn a 55% interest in the Ophir Claims:On signing of the agreement, the Company must pay Ophir $10,000 (paid) and deliver to Ophir 500,000 common shares in the capital of the Company (issued with a fair value of $100,000);On or before September 15, 2019, the Company must incur an additional $100,000 in expenditures (incurred);On or before February 12, 2020, the Company must pay Ophir $10,000 (paid) and deliver to Ophir 500,000 common shares in the capital of the Company (issued with a fair value of $22,500);On or before February 12, 2021, the Company must deliver to Ophir 200,000 common shares in the capital of the Company (issued with a fair value of $10,000);On or before February 28, 2021, the Company must incur an additional $200,000 in expenditures;On or before September 1, 2021, paying $40,000 to the vendors from whom Ophir optioned the property.On or before February 28, 2022, the Company must incur an additional $300,000 in expenditures.On or before February 12, 2024, the Company must incur an additional $400,000 in expenditures, at which point the Company will have earned a 55% interest in the Ophir property.Upon the Company earning a 55% interest, the Company may earn an additional 15% interest by incurring an additional $400,000 in expenditures, on or before February 28, 2025.Upon the Company earning either a 55% or 70% interest in the property, the companies will form a joint venture to continue exploration, or Ophir may elect to grant the Company th...