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Ubique Minerals and Kapuskasing Gold Corp Agree on Letter of Intent for Ubique to Option Daniel's Harbour Newfoundland Property.
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About this update from Ubique Minerals Ltd.
[{"type":"text","content":"Ubique Minerals and Kapuskasing Gold Corp Agree on Letter of Intent for Ubique to Option Daniel’s Harbour Newfoundland Property.This News Release is not for Distribution or Dissemination in the Unites States of AmericaTORONTO, ON / ACCESSWIRE / December 6th, 2018 / Ubique Minerals Limited (CSE:UBQ) (\"Ubique\") and Kapuskasing Gold Corp . (TSX-V:KAP) (\"Kapuskasing\") announce that they have signed a Letter of Intent which contemplates Kapuskasing granting Ubique an option to earn a 55% or greater interest in Kapuskasing's Daniel's Harbour property in western Newfoundland, which comprises 42 claim units covering an aggregate of 1,326 hectares, adjoining Ubique's Daniel's Harbour property to its west and making for a contiguous property area of more than 4,000 hectares.The letter of intent provides the companies with a short time frame in which to complete due diligence and a definitive agreement . Pursuant to the letter of intent, Ubique would exercise the option by making the work and payment commitments as follows: On the date of signing of the definitive agreement, $10,000 cash and 500,000 shares of Ubique; Prior to March 9, 2019, a minimum work expenditure of $12,000 and file an assessment report; Prior to September 15, 2019, a minimum work expenditure of $100,000 inclusive of the $12,000 above; Prior to the 1 year from the definitive agreement date, $10,000 in cash and an additional 300,000 common shares of Ubique; Prior to February 28, 2020, make a minimum additional work expenditure of $200,000; Prior to the 2 years from the definitive agreement date issue, an additional 200,000 common shares of Ubique; Prior to February 28, 2021, a minimum additional work expenditure of $300,000, which expenditures will include any payments and commitments needed to be made to the underlying vendors of the optioned property; Upon Ubique having made the above expenditures and payments; Ubique will have earned a 55% interest in the property . Ubique will be granted the option to earn an additional 15% interest in the property by spending an additional $400,000 on exploration and paying the underlying vendors a cash payment of $40,000 as required by the underlying agreement with the vendors.Upon UBQ earning either a 55% or 70% interest in the property, the companies will form a joint venture to continue exploration or KAP may elect t...