Ubique Minerals Limited Acquires Majority Share in Namibian Exploration Company R500

REYKJAVÍK, ICELAND / ACCESSWIRE / August 27, 2024 / Ubique Minerals Limited (CSE:UBQ, FRA:2UM) has entered into a share purchase agreement to acquire a majority stake in Resource 500 V Limited (R500), an Irish company focused on mineral exploration in Namibia. Following the acquisition of 1,752 shares, Ubique will hold 99.66% of R500, up from its current 533 shares.

To finance the acquisition, Ubique will issue unsecured convertible debentures totaling C$1,500,000 with a 6% annual interest. The debentures will mature 36 months after the acquisition closure and will automatically convert into Ubique's common shares unless previously converted.

The acquisition includes exploration licenses in the Otavi Mountain Land, a region known for its rich base metal deposits, including high-grade copper, zinc, and lead. R500 plans to further explore this area using advanced geochemical survey techniques.