Business
Ubique Issues 500,000 Common Shares and Completes Milestone Payment Pursuant to Option Agreement with MinKap Resources
TORONTO, ON / ACCESSWIRE / February 12, 2020 / Ubique Minerals Limited ("Ubique")(CSE:UBQ)...
About this update from Ubique Minerals Ltd.
[{"type":"text","content":"Ubique Issues 500,000 Common Shares and Completes Milestone Payment Pursuant to Option Agreement with MinKap ResourcesTORONTO, ON / ACCESSWIRE / February 12, 2020 / Ubique Minerals Limited (\"Ubique\")(CSE:UBQ) announces that it has issued 500,000 common shares and completed its milestone payment to MinKap Resources Inc., formerly Kapuskasing Gold Corp. (TSX-V:KAP) (\"MinKap\"), pursuant to its option agreement which provides for MinKap granting Ubique an option to earn a 55% or greater interest in MinKap'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 a property area of more than 4,000 hectares.In order to earn a 55% interest in the MinKap Claims:On signing of the agreement, the Company must pay MinKap $10,000 (paid) and deliver to MinKap 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 MinKap $10,000 (paid) and deliver to MinKap 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 MinKap 200,000 common shares in the capital of the Company;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 MinKap 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 MinKap 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 MinKap may elect to grant the Company the right to earn an additional 5% interest in the property for every additional work expenditure of $100,000 to a limit of 95% ownership by the Compa...