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Ubique Minerals Announces First Closing of Private Placement Financing for Daniel's Harbour, Newfoundland Zinc Deposits Additional Drilling.
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About this update from Ubique Minerals Ltd.
[{"type":"text","content":"Ubique Minerals Announces First Closing of Private Placement Financing for Daniel’s Harbour, Newfoundland Zinc Deposits Additional Drilling.This News Release is not for Distribution or Dissemination in the United States of AmericaTORONTO, ON / ACCESSWIRE / August 29, 2019 / Ubique Minerals Limited (\"Ubique\")(CSE:UBQ) announces it has closed the first tranche of its recently announced non-brokered private placement to raise a minimum of $100,000 and up to $200,000 to further its exploration and definition of zinc deposits at Daniel’s Harbour, Newfoundland. Ubique has closed $52,700 of which $47,075 is flow through units and $5,625 hard dollar units. Of this amount $47,700 was invested by officers and directors of Ubique.The Ubique private placement comprises up to 1,250,000 Hard-Dollar Units (“HDU”) each priced at $0.075 per Unit and 1,250,000 Flow-Through Units (“FTU”) each priced at $0.085 per Unit. Each HDU comprises one share with one warrant attached with the warrant providing the right to buy one share at a price of $0.10 for a period of 24 months from the date of closing of this financing by Ubique. Each FTU comprises one share with one warrant attached with the warrant providing the right to buy one share at a price of $0.10 for a period of 24 months from the date of closing of this financing by Ubique. The warrants will be subject to an accelerated exercise clause during their 24 month life, in the event that the share price exceeds $0.20 for a period of ten trading days. Prior to exercise of the warrants, if fully subscribed, the total private placement common shares will represent 5.42% of the increased share capital of Ubique. Should all the Units be subscribed and all the warrants be exercised, then an additional $250,000 will be raised for Ubique and the total private placement common shares will represent 10.28% of the increased share capital of Ubique. The terms of this private placement are subject to approval by the Canadian Stock Exchange (“CSE”).The proceeds are intended to be used for a follow-on drilling on Ubique’s Daniels Harbour Zinc Project and initial drilling of zinc targets on the adjacent MinKap Resources Inc. (“KAP”) option property, both on the island of Newfoundland, Canada, other exploration, administrative costs and g...