Mr. Terry Pullen reports

GREENBANK PORTFOLIO COMPANY UBIQUE MINERALS ACQUIRES 90% OF NAMIBIAN MINING COMPANY IN LATEST EXPANSION MOVE

Ubique Zinc Ltd., a wholly owned subsidiary of GreenBank Capital Inc. portfolio company Ubique Minerals Ltd., has signed a share and asset purchase agreement to acquire 90 per cent of the shares in Namib Lead and Zinc Mining (Proprietary) Ltd. (NLZM).

Summary:

• Ubique Minerals has acquired 90 per cent of Namibian Mining company NZLM. Full details and terms of the deal can be found on-line.
• At the time of writing, the total number of Ubique Minerals shares held by GreenBank is 14,311,039 (approximately 19 per cent of UBQ).
• The total value of the holding is $2,146,655.85 at the share price (15 cents) as at the close of trading on Sept. 14, 2022.
• GreenBank invested $200,000 for four million additional shares in the Ubique fundraising in July, 2021, and, as a result, has four million warrants available to exercise at 7.5 cents. If the warrants were to be exercised and the resulting shares disposed of at the Sept. 14 share price, that would yield a 100-per-cent return on the aggregate exercise cost of $300,000.
• The warrants are exercisable at any time up to July 5, 2023.

About the Ubique Namibia project

The project consists of a lead-zinc mine located near Swakopmund, Namibia, that was built in 2018 to 2019 and operated until April, 2020. The project was put into care and maintenance due to health and safety concerns related to the COVID-19 pandemic, as well as the closure of the border with South Africa, from where the project sourced key supplies. Since April, 2020, the project has been maintained in a ready-to-restart status, including maintaining access to the mine and intermittent functional checks of process plant components.

Since June, Ubique has undertaken extensive due diligence work, including site visits, obtained third party opinion reports and conducted workshops with the management team, to validate NLZM's business plan. The parties have now executed the binding document and are in the process of notifying the relevant authorities. Pursuant to the SPA (sales and purchase agreement), the closing of the transaction is subject to the parties obtaining the necessary regulatory approvals, as well as the approval of the shareholders of Ubique, as well as certain other customary closing conditions.

Terry Pullen, chief executive officer of GreenBank, said: "This announcement from Ubique Minerals highlights the growth opportunity of the business and we feel that this is just the beginning of their expansion into the wider mining sector. It has been a personal privilege to develop a strong working relationship with Ubique's CEO, Villi, and we are increasingly excited at GreenBank at the prospect of seeing developments like this come to fruition, which we hope will have a positive effect on shareholder value."

Vilhjalmur Vilhjalmsson, chief executive officer of Ubique Minerals, said: "Ubique is the Latin word for everywhere. The completion of this acquisition indicates a positive move towards a future with Ubique Minerals as a global mining presence. I have enjoyed working with Terry and the team at GreenBank so far and look forward to the coming months at Ubique, with the Namibia project at the forefront of our mission."

About GreenBank Capital Inc.

GreenBank is a publicly traded next generation investment company that has a flexible low-cost overhead structure designed to maximize profitability. Its management is based in Toronto and London and is used to working across borders remotely. GreenBank invests in multisector undervalued public and private growth companies focused on building consistent capital appreciation for its shareholders. Its model of remote working, dynamic space and flexible contracts -- rather than large fixed costs -- establishes GreenBank as a global investment company for the future.

We seek Safe Harbor.