Ubique Minerals Announces the Strike Price for Its Series A Warrants and Provides an Update on Its Zinc Drilling Program at Daniels Harbour
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Toronto, Ontario (FSCwire) - Ubique Minerals Limited (CSE:UBQ) ("Ubique") announces that further to its common shares being listed on the Canadian Securities Exchange (“CSE”) earlier this week, the strike price of its Series A Warrants has been established at 10 cents per unit.
Earlier this year Ubique raised $237,500 through a non-brokered private placement, and during the next 10 days expects to raise up to an additional $118,750 through the exercise of these associated Series A Warrants. In June Ubique issued a total of 1,770,000 Hard-Dollar Units (“HDU”) and 605,000 Flow-Through Units (“FTU”) each priced at $0.10 per Unit. Each HDU comprised one share with an A and a B warrant.
The A warrant provides the right to buy one share for a period of 10 days from the date of the CSE listing of the Ubique shares, at a 20% discount from the CSE listing price, with a minimum price of $0.10. The B warrant provides the right to buy one share for a period of 18 months from the date of the CSE listing of the Ubique shares, at a 20% discount from the CSE listing price, with a minimum price of $0.10. Each FTU comprises one share with one-half A and one-half B warrants on the same terms as the HDU warrants. A total finder’s fee of $6,600 was paid and 66,000 finder’s warrants were issued at an exercise price of $0.10 per share, which are exercisable for a period of 18 months.
Ubique intends to use these proceeds, in part, to pay for an extension of the 2018 diamond drilling program on its Daniels Harbour Zinc Project on the island of Newfoundland, Canada.
Ubique owns 109 claims located in the Daniels Harbour area covering 27 sq kms, in two blocks. The Ubique claims cover three zones of zinc mineralization, namely P Zone, Cobo’s Pond and Tilt Pond. The P Zone is where Ubique completed its 2017 drilling program, the highlight of which was a true width intersection of 13.6% Zinc over 12.2 metres including 17.43% Zinc over 8.6m. The first phase of the 2018 drilling program followed up on the 2017 diamond drilling results which discovered a zone of high grade zinc mineralization extending from the area where the workings of the former Daniels Harbour zinc mine were terminated. Of the ten drill holes completed in the first phase of drilling, five were targeted at extensions of the P-East Zone and all intersected zinc mineralization which has been sampled and submitted for assay. The drilling will be undertaken in more than one phase to allow analytical results from drill holes to guide subsequent drilling. The host rocks are soft limestones and dolostones which are drilled very rapidly. The reader should check the Ubique Minerals’ website at www.ubiqueminerals.com for more information about the 2018 drilling.
The zinc mineralization intersected in the 2017 and 2018 drilling programs is a very pale coloured sphalerite characteristic of a low-iron Mississippi-Valley-Type carbonate rock geological environment, analogous to many large deposits in north America. Approximately 7,000,000 tonnes averaging 7.8% zinc have been mined from the Daniels Harbour mine adjacent to Ubique’s claims, and which was milled on site and shipped as a very high grade concentrate from nearby deep water port facilities to a custom zinc smelter. (Wardle, R.J. (2000) Mineral Commodities of Newfoundland and Labrador - Zinc and Lead; Government of Newfoundland and Labrador, Geological Survey, Mineral Commodities Series Number 1, 12 pages). More information is available on Ubique’s website www.ubiqueminerals.com
Dr. Gerald Harper, P.Geo.(Ont), the CEO of Ubique, is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
About Ubique Minerals Limited.
Ubique Minerals Limited is a zinc exploration company in Newfoundland, Canada listed on the Canadian Securities Exchange (trading symbol CSE:UBQ). It has focused on exploration of its 100% owned Daniels Harbour zinc property in Newfoundland, and has been funded for the last two years by private equity including Greenbank Capital Inc (CSE:GBC and OTCMKTS:GRNBF and FRA:2TL). Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide, and owns an extensive and exclusive database of historic exploration results from the Daniels Harbour area.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and future trading in the common stock of Ubique Minerals Limited and the raising of additional capital and the future development of the business. The 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 the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Source: Ubique Minerals Limited (CSE:UBQ)
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