Business
Search Minerals Announces Closing of Non-Brokered Financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITE...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nVANCOUVER, March 21, 2013 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) is pleased to announce the closing of its previously\n announced non-brokered financing pursuant to which the Company issued\n 24,000,000 units at a price of $0.05 per Unit, to raise gross proceeds\n of $1,200,000.\n\n\nEach unit consists of one common share of the Company and one common\n share purchase warrant of the Company.  Each warrant will entitle the\n holder to acquire an additional common share of Search for a period of\n one year following the date of issuance of the unit at a price of $0.10\n per share.\n\n\nA Control Person (as that term is defined under the policies of the TSX\n Venture Exchange) of the Company, and certain directors and officers of\n the Company acquired units pursuant to the financing.\n\n\nThe proceeds from the financing will be used for general working capital\n purposes.  Completion of the financing is subject to the approval of\n the TSX Venture Exchange.  All securities issued pursuant to the\n financing will be subject to a four month resale restriction expiring\n on July 22, 2013.  No finder's fees or commissions are payable in\n connection with the financing.\n\n\nAbout Search Minerals:\n\n\nSearch Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed\n company, headquartered in Vancouver, B.C. Search is the discoverer of\n the Port Hope Simpson REE District, a highly prospective light and\n heavy REE belt located in southeast Labrador where the company controls\n a dominant land position in a belt 135 km long and up to 12 km wide. \n In addition, Search has a number of other mineral prospects in its\n portfolio located in Newfoundland and Labrador, including a number of\n claims in the Strange Lake Complex, where Quest Rare Minerals has a\n Joint Venture with the Company and at the Red Wine Complex, where Great\n Western Minerals Group has a Joint Venture with the Company.  \n\n\nFurthermore, Search Minerals is the owner of patents relating to the\n Starved Acid Leaching Technology (\"SALT\"), a process with the potential\n to economically recover nickel and cobalt from known deposits currently\n considered sub economic. \n\n\nSearch Mine...