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Ubique Minerals Announces First Tranche Closing of Private Placement Financing and Increase in Total Amount of Financing, Issues Options
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About this update from Ubique Minerals Ltd.
[{"type":"text","content":"Ubique Minerals Announces First Tranche Closing of Private Placement Financing and Increase in Total Amount of Financing, Issues OptionsThis news release is not for distribution or dissemination in the United States of AmericaTORONTO, ON / ACCESSWIRE / July 13, 2021 / Ubique Minerals Limited (\"Ubique\")(CSE:UBQ) announces that it has closed a first tranche of the private placement financing and has increased the total amount to be offered under the financing.Private Placement FinancingUbique announces the closing of the first tranche of the private placement which was announced by press release dated June 28th, 2021. The closing of $575,800.00 comprises $315,000.00 hard dollar units and $260,800.00 in flow through units. Each of the hard dollar units are priced at $0.05 and comprise a share plus a whole warrant with each whole warrant being exercisable at a price of $0.075 per common share for a period of 24 months from the date of issuance. The flow through units are priced at $0.06 and comprise one common share in the capital of Ubique issued on a flow through basis pursuant to the Income Tax Act (Canada) and one half of a common share purchase warrant with each whole warrant being exercisable at a price of $0.075 per common share for a period of 24 months from the date of issuance. The first tranche comprises 6,300,000 units issued for hard dollar units and 4,346,666 units issued for flow through units. 7,780,000 of the units in the first tranche were taken up by insiders, officers and directors of the corporation.Given the strong interest in the private placement financing the Board of Ubique has determined to increase the total amount of the offering to $800,000.00 of hard dollar units comprising a total of 16,000,000 shares and $300,000 of flow through units comprising a total of 5,000,000 shares.The revised total private placement common shares will represent 30.63% of the increased share capital of Ubique. Insiders of the Company have indicated their interest in participating in the balance of this private placement financing. The terms of this private placement are subject to approval by the Canadian Stock Exchange (\"CSE\").The proceeds are intended to be used for follow-on drilling on Ubique's Daniels Harbour Zinc Project including the adjacent Ophir Gold Corp. (\"KAP\") option property on the island of Newfoundland,...