diff --git a/CHANGELOG b/CHANGELOG
index 2d317a9..5d4c091 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -1,3 +1,8 @@
+Version 0.5.0 (2024-01-25)
+--------------------------
+Update LICENSE to SLULA (#20)
+Bump default version to 0.12.0 (#19)
+
 Version 0.4.0 (2023-07-26)
 --------------------------
 Leverage common service module (#15)
diff --git a/main.tf b/main.tf
index 9210833..e6f55a2 100644
--- a/main.tf
+++ b/main.tf
@@ -1,6 +1,6 @@
 locals {
   module_name    = "iglu-server-ce"
-  module_version = "0.4.0"
+  module_version = "0.5.0"
 
   app_name    = "iglu-server"
   app_version = var.app_version