Ubique Minerals Limited Acquires Stanhove Gold Tailings

Reykjavik, Iceland / ACCESSWIRE / June 19, 2024 / Ubique Minerals Limited (CSE:UBQ)(FRA:2UM) and GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) have signed a non-binding term sheet with Clientque Investments Pty Ltd. for acquiring 100% of MJR Mining and Exploration (PTY) Ltd, which owns the Stanhove mining tailings dump in Johannesburg. The acquisition will be divided equally, with GreenBank funding and Ubique operating.

The transaction involves a CAD $846,103 cash payment and two CAD $500,000 convertible debentures by GreenBank and Ubique, with a 6% interest rate for 36 months. An additional CAD $1,538,309 will be paid post-production of the first 5,000 ounces of gold. The total transaction value is CAD $3,384,341.

The non-binding term sheet was signed on June 13, 2024. The Share Sale Agreement is expected within 60 days. Full completion depends on regulatory approvals, technical due diligence, and other customary conditions.

The Stanhove tailings dump, located in Johannesburg's East Rand gold basin, was derived from the Witwatersrand gold mining district. Tests indicate gold values ranging from <0.3g/t Au to >1.3g/t Au at deeper levels.