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Ubique Receives Namibian Government Approval for Acquisition
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About this update from Ubique Minerals Ltd.
[{"type":"text","content":"Ubique Receives Namibian Government Approval for AcquisitionThis news release is not for distribution or dissemination in the Unites States of AmericaTORONTO, ON / ACCESSWIRE / December 15, 2022 / Ubique Minerals Limited (\"Ubique\" or the \"Company\") (CSE:UBQ) is pleased to announce that on December 12, 2022, the Namibian Competition Committee approved unconditionally Ubique Minerals' proposed acquisition of Namib Lead and Zinc Mining (Proprietary) Limited (\"NLZM\"), which owns the Namib Lead and Zinc Mine in Namibia.The transaction was first announced May 30, 2022, when the Company signed a non-binding term sheet. On September 6, 2022, the Company announced a Share Purchase Agreement \"SPA\" to acquire the 90% stake in Namib Lead and Zinc Mining (Proprietary) Limited (\"NLZM\").At this stage, the proposed transaction has received all the required Namibian Government approvals and only requires internal approvals from the vendor and the Company, along with the Canadian Securities Exchange approval. The Company expects to receive shareholder approval for the transaction at its Annual General, and Special Meeting on December 30, 2022; having already received firm indications of over 60% of votes in favor of the transaction from the largest shareholders and directors of the company. The transaction is therefore expected to close within Q1 2023, and the Company therefore has the potential to commence production of Zinc-Lead-Silver concentrate in the second half of the year 2023.Vilhjalmur Thor Vilhjalmsson CEO and Director commented \"This is another milestone in the journey of making the Company a fully operating mining outfit. The teams from the vendor and the Company have worked diligently reaching each milestone. We look forward to concluding the transaction and get hands on in Namibia.\"The Namib Lead and Zinc Mine (\"Project\") is located near Swakopmund, Namibia, was built in 2018-2019 and operated until April 2020. The Project was put into care and maintenance due to health and safety concerns related to the Covid-19 pandemic as well as the closure of the border with South Africa, from where the Project sourced key supplies. Since April 2020, the Project has been maintained in a ready-to-restart status, including maintaining access to the mine and intermittent functional checks of process plant components.NLZM is the hold...