Ubique Minerals Limited (CNSX:UBQ) and GreenBank Capital Inc. (OTCPK:GRNB.F) signed a non-binding term sheet to acquire MJR Mining and Exploration (PTY) Ltd from Clientque Investments Pty Ltd for CAD 3.38 million on June 13, 2024. The transaction includes a cash payment of CAD 846,103, the issuance of two convertible debentures of CAD 500,000 each by GreenBank and Ubique with an interest rate of 6% for 36 months, and an additional cash payment of CAD 1,538,309 after the production of the first 5,000 ounces of gold, totaling CAD 3,384,341. The Share Sale Agreement (SSA) is to be provided within 60 days by August 12, 2024.

The completion of the transaction is subject to regulatory approvals, delivery of the deed of the land, issuance of mining permits, technical due diligence and other customary conditions. The signing and exchange of contracts are expected to occur within 90 days by September 11, 2024.