Ubique Minerals Limited has concluded its acquisition of a controlling interest in Resource 500 V Limited, an Irish company engaged in mineral exploration in Namibia.
Resource 500 V Limited has seven in the Otavi Mountain Land – 7576, 7181, 7781, 7676, 7167, 7794, and 7166 active EPLs, while one 9831 is under application.
Ubique issued C$1,492,295 principal amount of unsecured debentures as consideration for the acquisition of 2,279 (out of a total of 2,285 outstanding shares) in Resource 500 V Limited, thereby solidifying its position as a majority and controlling shareholder in Resource 500 V Limited.
This acquisition builds upon the developments outlined in Ubique Minerals Limited’s previous announcement regarding the intention to acquire shares in Resource 500 V Limited.
The acquisition is a significant step in Ubique’s strategy to expand its operations and exploration efforts in Namibia, a region known for its rich mineral resources.
With this acquisition, Ubique will hold approximately 99.74% of Resource 500 V Limited, further enhancing its operational capabilities and potential for growth.
Ubique CEO Vilhjalmur Thor Vilhjalmsson said that the transaction’s completion allows the company to enhance its stake in this promising exploration venture.
“The support we have received from our stakeholders has been instrumental in this process, and we look forward to driving the exploration activities in Namibia and unlocking the potential of our acquired assets,” Vilhjalmsson said.
This acquisition reflects Ubique’s commitment to growth and confidence in Namibia’s mineral exploration prospects.
The company is excited about the future and is poised to advance its regional exploration activities.
Resource 500 V Limited has undertaken preliminary-level exploration surveys over their EPLs and located several anomalous areas by remote sensing.
