Mr. Terry Pullen reports

GREENBANK CAPITAL INCREASES SHARES IN UBIQUE MINERALS (CSE: UBQ)

GreenBank Capital Inc. has further increased its shares in the mining company Ubique Minerals Ltd.

Summary:

• Ubique announced in September that it was acquiring a 90-per-cent interest in a Namibian mining production company;
• GreenBank has since participated in a private placement, increasing to 14,977,705 the number of shares it holds in Ubique (representing 18.26 per cent of the company);
• As part of that participation, GreenBank has secured a further 666,666 warrants over Ubique shares exercisable at a price of 20 cents per share and valid for 24 months;
• This is in addition to the four million Ubique warrants it already holds at 7.5 cents, which are valid until July, 2023.

Further details on the Ubique private placement (full press release)

The total number of shares that have been issued in the private placement and for services represents approximately 8.2 per cent of the outstanding common shares of Ubique. Upon closing the private placement and issuance of shares for services, Ubique has a total of 82,027,050 common shares outstanding.

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.

Terry Pullen, chief executive officer and chairman of GreenBank Capital, said, "We are pleased to be increasing our shares in Ubique, via the private placement, especially to support the quick development of the Namibian lead and zinc mining production opportunity."

Vilhjalmur Vilhjalmsson, chief executive officer of Ubique Minerals, said: "It is positive to feel the support from the largest shareholders and management in the funding round that Ubique is currently undertaking. We look forward to successfully conclude the Namibian transaction and become a producing mining company next year."

About GreenBank Capital Inc.

GreenBank is a publicly traded 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.

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