GreenBank Capital Inc (CSE:GBC) reported that its portfolio mineral exploration company Ubique Minerals Limited has expanded its global mining interests to Namibia with a significant share acquisition.
Toronto-based Ubique, of which GreenBank owns over 20%, has secured 24.99% of the existing shareholding of Resource 500 V ltd (R500), an Irish mineral exploration interest holding six exploration licenses (EPLs) in Namibia.
GreenBank said these sites, primarily in the northern part of the country, are recognized to be potentially rich in high-grade ore of zinc, copper, lead, cadmium, and other metals, and historically have been subject to less intense exploration and mining than other regions of Namibia.
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It added that this significant minority shareholding in R500 by Ubique Minerals is the latest strategic investment to bolster GreenBank’s credentials as an identifier and enabler of highly scalable, highly profitable companies around the world.
Ubique also owns interests in the Daniel's Harbour zinc exploration property in Newfoundland Canada at a time when the global demand for zinc appears to be increasing to meet the requirements for energy grid-level battery storage, a key component in the move to decarbonization.
Ubique's investment in R500 follows a series of successful developments in the three years since the firm's public listing. In August 2021, it secured private placement financing to fund key drilling operations in Newfoundland, $200,000 of which was provided by GreenBank. Mark Wettreich, chairman of GreenBank, holds a seat on Ubique's board of directors.
Ubique is a mineral exploration company listed on the Canadian Securities Exchange. It was funded for its first two years by private equity including that from GreenBank. With the help of GreenBank's consulting services, Ubique became a publicly listed company in September 2018.
"We have great confidence in Ubique's management team, and this substantial share acquisition of Resource 500, and subsequent interest in its operations in Namibia, is an exciting next step in its fast growth equity story. We look forward to continued progress in the future," said Greenbank CEO Terry Pullen in a statement.
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