Mining minerals

Ubique Minerals: Extension of the “Cheetah” project

TORONTO, ON/ACCESSWIRE/August 2, 2022/ Ubique Minerals Limited (“Ubique”) (CSE: UBQ) announces that the previously announced 60-day exclusivity for the “Cheetah” project has been extended until the end of August.

“Cheetah” Exclusive Extension

On May 30, 2022, Ubique Minerals Limited (the “Company”) announced that it had signed a non-binding term sheet outlining a proposed acquisition of a 90% interest in a company with a former zinc mine in production in Africa, subject to completion of due diligence, execution of binding documentation and approval by all parties involved. As a condition of the term sheet, the parties must maintain confidentiality during the due diligence period and until the execution of the definitive binding agreements, at which time additional details regarding the acquisition will be provided. The term sheet provided for an exclusivity period of 60 days from that date to perform due diligence and execute all final binding agreements. The parties then have up to 9 months to receive regulatory and, if necessary, shareholder approval to finalize the transaction.

On July 28, the company and the vendor of the “Cheetah” project mutually agreed to extend the non-binding term sheet until August 31, 2022. The company has carried out all necessary visits to the project site and due diligence on site has been carried out satisfactorily. The parties are currently negotiating the documentation of the transaction and, while there is no assurance that definitive binding agreements will be reached, expect to announce a transaction before the end of the exclusivity period.

On behalf of the Board of Directors,

Vilhjalmur Thor Vilhjalmsson
CEO and director

About Ubique Minerals Limited

Ubique Minerals Limited is a CSE-listed exploration company (CSE: UBQ) that is focused on exploring its Daniel’s Harbor zinc property in Newfoundland and is actively considering other projects around the world. Ubique became a publicly listed company in September 2018. Ubique has an experienced management group with a record of multiple deposit discoveries around the world and has a comprehensive and proprietary database of historical exploration results from the area of Daniel’s Harbour.

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Forward-looking information: This press release may contain forward-looking information within the meaning of Canadian securities laws, concerning the activities and trading of the common shares of Ubique Minerals Limited, the raising of additional capital and the future development of the business. Forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on forward-looking information as Ubique cannot guarantee that it will prove to be accurate. These forward-looking statements are made as of the date of this press release and Ubique disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results or otherwise. only if necessary. by applicable securities laws.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.