Minkap Resources Inc. and Ubique Minerals Inc. Amend Option Agreement FOR Daniel’S Harbour Property, Newfoundland
MINKAP RESOURCES INC. AND UBIQUE MINERALS INC. AMEND
OPTION AGREEMENT FOR DANIEL’S HARBOUR PROPERTY,
NEWFOUNDLAND
Toronto, Ontario, December 10, 2019 – MinKap Resources Inc . (TSX-V: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.