Business
Search Minerals Announces Completion of Over-Subscribed Rights Offering for Gross Proceeds of $624,372
VANCOUVER, British Columbia, July 04, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. ("Search" or the "Company") (TSXV:SMY), is pleased to announce that it compl
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, July 04, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV:SMY), is pleased to announce that it completed its previously announced rights offering which expired at 2:00 p.m. (Vancouver time) on June 28, 2018 (“Offering”). The Offering was fully subscribed and, as such, Search will issue 15,609,285 units (“Units”) at a price of $0.04 per Unit for total gross proceeds of $624,372. Each Unit consists of one Common Share and one Common Share purchase warrant, with each whole warrant exercisable for one Common Share at a price of $0.07 per Common Share for a period of twenty-four (24) months which will expire on July 5, 2020. A total of 9,942,566 will be issued pursuant to the Basic Subscription Privilege. Due to an overwhelming demand under the Additional Subscription privilege, there are 5,666,719 Units available after the Basic Subscription Privilege, and therefore, the Additional Subscriptions will be subject to proration in accordance with the terms of the Offering. Following the closing of the Offering, Search will have 171,702,142 common shares issued and outstanding. The Company will provide the details of the insider participation upon the closing of Offering, which is expected to occur on July 5, 2018. Greg Andrews, President/CEO comments: “The Company is very pleased with the tremendous support for the Rights Offering from our shareholders. The funds allow Search to finish the 2000m drill program at Deep Fox, which will commence shortly. The funds will also be used for further exploration work in the District, environmental base line studies and other environmental work, and general working capital.” About Search Minerals Inc. Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Port Hope Simpson Critical Rare Earth Element (“CREE”) District of South East Labrador (the “District”). The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced “Deep Fox” and “Fox Meadow” as significant new CREE prospects very similar and in close proximity to the original FOXTROT discovery. While the Company has identified more than 20 other prospects in the District,...