Ubique Minerals Limited (CNSX:UBQ) entered into a share purchase agreement to acquire 23.82% stake in Resource 500 V Limited from JV Capital EHF for CAD 0.5 million on February 28, 2022. Under the terms of the agreement, Ubique will acquire 471 shares in Resource 500 and will pay the total consideration by issue to JV Capital two 6% series A convertible debentures in the principal amounts of CAD 0.15 million and CAD 0.35 million with interest payable at the rate of 6% per annum which interest accrues and is payable annually with a 3-year term. All outstanding amounts payable in respect of either debenture, including accrued interest shall be due and payable on the date and converted to common shares in the capital of the Ubique on the date which is thirty-six (36) months from the date hereof (maturity date) at the rate equal to the greater of CAD 0.10 per share or CAD 0.15 per share, as the case may be, or the weighted average closing price of the common shares on the Exchange for the previous 10-day trading days; provided that JV Capital EHF may choose, prior to the maturity date, to convert all or part of such amounts on the same terms if JV Capital EHF provides written notice to Ubique of such anticipated conversion no less than fifteen (15) business days prior to the date of conversion. The board of directors of Ubique appointed a Special Committee comprising independent directors, for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions to review the desirability and fairness of the agreement to Ubique, since Vilhjalmur Vilhjalmsson, Chief Executive Officer & Director of Ubique, is the owner of JV Capital. On May 3, 2022 Ubique Minerals Limited has approved the conversion and issued the shares accordingly.

Ubique Minerals Limited (CNSX:UBQ) completed the acquisition of 23.82% stake in Resource 500 V Limited from JV Capital EHF for CAD 0.5 million in February, 2022