GREENBANK AFFILIATE UBIQUE MINERALS COMPLETES INITIAL CLOSING OF PRIVATE PLACEMENT
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Toronto, Ontario, May 17, 2018 – GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that its affiliate portfolio company Ubique Minerals Limited ("Ubique") has completed an initial closing of a non-brokered private placement to raise $176,500.
The Ubique private placement comprises up to 3,000,000 Hard-Dollar Units (“HDU”) and 1,500,000 Flow-Through Units (“FTU”) each priced at $0.10 per Unit. Each HDU comprises one share with two warrants attached with the A warrant providing the right to buy one share at a 20% discount from the price of Ubique common shares upon listing of Ubique on the CSE, with a minimum price of $0.10, which expires 10 days after listing. The B warrant provides the right to buy one share for a period of 18 months from the date of listing of the Ubique common 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. At the initial closing 1,200,000 HDU were subscribed and 565,000 FTU were subscribed. Prior to exercise of the warrants, if fully subscribed, the total private placement common shares will represent 10.16% of the increased share capital of Ubique. Should all the Units be subscribed and all the warrants be exercised, then an additional $750,000 will be raised for Ubique, and the total private placement common shares will represent 23.17% of the increased share capital of Ubique.
Daniel Wettreich, Chairman and director of Ubique, subscribed for 500,000 HDU in the amount of $50,000, and Gerald Harper, CEO and director of Ubique, subscribed for 200,000 HDU in the amount of $20,000 and 100,000 FTU in the amount of $10,000. A finder’s fee of $6,520 was paid and 65,200 finder’s warrants were issued at an exercise price of $0.10 per share, which are exercisable for a period of 24 months.
The proceeds are intended to be used for a phase I drilling on Ubique’s Daniels Harbour Zinc Project on the island of Newfoundland, Canada, completion of CSE listing requirements for Ubique common shares, and general working capital for Ubique.
Ubique’s Daniels Harbour Zinc Project – Plans for 2018 Diamond Drilling Program. Ubique owns 108 claims located in the Daniel’s Harbour area in Newfoundland, Canada, 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. Ubique intends to undertake a drilling program this summer to follow 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 zinc mine were terminated. The drilling program will also target other areas with indications of zinc mineralization. The drilling will be undertaken in more than one phase to allow analytical results from drill holes to be received fast enough to guide subsequent drilling. The host rocks are soft limestones and dolostones which are drilled very rapidly.
The zinc mineralization intersected in 2017 is a very pale coloured sphalerite, and 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 Daniel’s 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 on Ubique is available on its website www.ubiqueminerals.com
About Ubique Minerals Limited. Ubique is a zinc exploration company which acquired and has explored the Daniels Harbour property for the past two years, funded by equity raised from its private shareholders including a substantial position by Greenbank. 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. Ubique will seek a listing on the CSE in the next few months. For more information on Ubique please contact Gerald Harper, CEO, at (416) 232-9114.
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.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 14 small cap businesses, namely; 52% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain, and developers of Xbook a user permissioned and revenue sharing social media platform; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 25% of Ubique Minerals Limited, a zinc explorationcompany in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a search mobile application; 12% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company: 19.9% of Gander Exploration, a minerals exploration company in Newfoundland, Canada; and 100% of Cannabis Blockchain Inc, developers of a digital information management system for the cannabis industry.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. 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 GreenBank 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 GreenBank 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.
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