MinKap Resources Inc. and Ubique Minerals Inc. Amend Option Agreement for Daniel's Harbour Property, Newfoundland
TORONTO, ON / ACCESSWIRE / December 10, 2019 / MinKap Resources Inc. (TSXV:KAP) (the "Company") and Ubique Minerals Limited (CSE:UBQ) ("Ubique") announce that they have agreed to modify the terms of the previously announced option agreement (the "Option Agreement") for the Daniel's Harbour property located in Newfoundland (the "Property") with respect to the timing of certain work and payment commitments.
The Option Agreement has been revised as per the table below:
Date/Period | Amounts Payable | Shares | Expenditure |
On signing of this Agreement, which date being February 13th, 2019 | $10,000 | 500,000 | |
On or before March 9, 2019 | $12,000 and file a work assessment report | ||
On or before September 15, 2019 | an additional $88,000 (for a total of $100,000) | ||
On or before the date that is 1 year from the date of the signing of this Agreement i.e. February 12th, 2020 | additional $10,000 | additional 500,000 | |
On or before the date that is 2 years from the date of the signing of this Agreement, i.e. February 12th, 2021 | additional 200,000 | ||
On or before February 28, 2021 | an additional $200,000 (for a total of $300,000) | ||
On or before September 1st, 2021 | $40,000 cash payment for the payment to the Vendors from whom KAP optioned the property | ||
On or before February 28, 2022 | an additional $300,000 (for a total of $600,000), which amounts include payments to the Vendors from whom KAP optioned the property | ||
On or before the expiration of Year 5, i.e. February 12th, 2024 | $400,000 |
On completion of all the conditions outlined in the table above, Ubique will have earned an undivided 55% interest in the Property. Thereafter the Option Agreement provides for Ubique to earn an additional 15% interest, the terms of which acquisition have not changed from those in the original Option Agreement.
On behalf of the Board of Directors MinKap Resources Inc.
Jonathan Armes
President & CEO
Phone 1 (416) 708-0243
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
SOURCE: MinKap Resources Inc.
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