Search Minerals Inc. Announces $5,000,000 Non-Brokered Private Placement
December 03 2021 - 6:08PM
Search Minerals Inc. ("Search" or the
"Company") (TSXV:
SMY | OTCQB:
SHCMF) is pleased to announce that the Company is
conducting a non-brokered private placement of up to 20,000,000
flow-through common shares of the Company (the "
FT
Shares") at a price of $0.25 per FT Share for maximum
gross proceeds of up to $5,000,000 (the
"
Offering").
The Company intends to use the proceeds from the
Offering to incur eligible Canadian exploration expenses and
flow-through mining expenditures, within the meaning of the Income
Tax Act (Canada), on the Company’s projects, including the
Company's Deep Fox project in the Critical Rare Earth Element
District of South East Labrador (the “District”)
and other exploration work in the District.
The Offering is expected to close before
December 31, 2021 and is subject to a number of conditions,
including receipt of all necessary corporate and regulatory
approvals, including the approval of the TSX Venture Exchange
(“TSXV”).
In connection with the Offering, the Company may
pay finders’ fees to certain arm’s length parties, as permitted by
the policies of the TSXV. All securities issued in connection with
the Offering will be subject to a four-month hold period under
applicable securities legislation.
Certain insiders of the Company may participate
in the Offering. The participation of Insiders in the Offering will
constitute a “related party transaction” within the meaning of
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). The
Company anticipates relying on the exemptions from the formal
valuation and minority approval requirements in Sections 5.5.(a)
and 5.7(1)(a) of MI 61-101, on the basis that the fair market value
of the transactions does not exceed 25% of the Company’s market
capitalization.
About Search Minerals Inc.
Led by a proven management team and board of
directors, Search is focused on finding and developing Critical
Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf)
resources within the emerging Port Hope Simpson – St. Lewis CREE
District of South East Labrador. The Company controls a belt 63 km
long and 2 km wide and is road accessible, on tidewater, and
located within 3 local communities. Search has completed a
preliminary economic assessment report for
FOXTROT, and a resource estimate for DEEP
FOX. Search is also working on three exploration prospects
along the belt which include: FOX MEADOW, SILVER
FOX and AWESOME FOX.
Search has continued to optimize our patented
Direct Extraction Process technology with generous support from the
Department of Tourism, Culture, Industry and Innovation, Government
of Newfoundland and Labrador,(“InnovateNL”) and
from the Atlantic Canada Opportunity Agency
(“ACOA”). We have completed two pilot plant
operations and produced highly purified mixed rare earth carbonate
concentrate and mixed REO concentrate for separation and refining.
For more information about Search, visit www.searchminerals.ca.
For further information, please contact:
Greg AndrewsPresident and CEOTel: 604-998-3432E-mail:
info@searchminerals.ca
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 release.
Cautionary Note Regarding
Forward-Looking Statements: This news release includes
certain forward-looking statements and forward-looking information
(together, “forward-looking statements”). All statements other than
statements of historical fact included in this release, including,
without limitation, statements regarding the Offering, the use of
proceeds from the Offering, other future plans and objectives of
the Company are forward-looking statements. There can be no
assurance that such statements will prove to be accurate and actual
results and future events may vary from those anticipated in such
statements. Important risk factors that could cause actual results
to differ materially from the Company's plans or expectations
include failure to obtain TSX Venture Exchange acceptance of the
Offering, inability to use of proceeds from the Offering as
expected, failure to raise sufficient funds on the proposed terms
or at all, and risks associated with mineral exploration, including
the risk that actual results and timing of exploration and
development will be different from those expected by management.
The forward-looking statements in this news release were developed
based on the assumptions and expectations of management, including
that TSX Venture Exchange acceptance for the Offering will be
obtained, the Company will be able to use the proceeds from the
Offering as anticipated, required fundraising will be completed, as
well as the other assumptions disclosed in this news release and
that the risks described above will not materialize. The Company
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as otherwise
required by applicable securities legislation.
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