GreenBank Capital and Ubique Minerals Sign Non-Binding Term Sheet for Stanhove Gold Tailings Acquisition

REYKJAVÍK, ICELAND / ACCESSWIRE / June 19, 2024 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) and Ubique Minerals Limited (CSE: UBQ and FRA:2UM) have agreed to acquire 100% ownership of MJR Mining and Exploration (PTY) Ltd, owner of the Stanhove gold tailings dump in Johannesburg. The acquisition, valued at CAD $3,384,341, will be split evenly between GreenBank and Ubique.

The deal includes an initial cash payment of CAD $846,103, issuance of two convertible debentures of CAD $500,000 each at a 6% interest rate over 36 months, and an additional CAD $1,538,309 after the production of the first 5,000 ounces of gold. The acquisition awaits regulatory approvals and is expected to complete within 90 days.

Ubique will manage mining operations, while GreenBank will handle financial aspects. Initial assessments indicate significant gold deposits within the Stanhove tailings, promising a profitable venture for both parties.