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Search Minerals Announces Completion of Patent Purchase Agreement and Receipt of Final $200,000 Payment
Search Minerals Announces Completion of Patent Purchase Agreement and Receipt of Final $20...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\nSearch Minerals Announces Completion of Patent Purchase Agreement and Receipt of Final $200,000 Payment\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSearch Minerals Announces Completion of Patent Purchase Agreement and Receipt of Final $200,000 Payment\nCanada NewsWire\nVANCOUVER, March 29, 2016\n\n\n\nVANCOUVER, March 29, 2016 /CNW/ - (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\"), is pleased to announce that the Company has received the final instalment of C$200,000 from InCoR Holdings Inc. (\"InCoR\") relating to the Patent Purchase Agreement between Search and InCoR previously announced on September 30, 2015 (see – September 30, 2015 – Search Minerals Inc. Announces Amendment to Patent Purchase of Salt Technology and Raises $350,000 Private Placement).  InCoR has completed all terms and conditions set forth in the Patent Purchase Agreement, and therefore Search and InCoR will complete the closing documents to transfer all of the Search's right, title and interest, including all legal and beneficial interest, in and to the SALT assets, free and clear of all encumbrances.\n\nGreg Andrews, President and CEO stated, \"This final payment of $200,000 fully satisfies and discharges InCoR from any further obligation under the Patent Purchase Agreement.  The total consideration of $650,000 received by Search during these difficult market conditions is a testament to the commitment of the Board and Management to minimize shareholder dilution with the sale of this non-core asset.  It has been a pleasure working with InCoR during this process, and we are very fortunate to include InCoR as a shareholder and a supporter of Search Minerals.\"\n\nAbout Search:\n\nSearch Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing \"critical rare earth element (CREE)\" mineral assets in Labrador – CREEs (Nd, Pr, Eu, Tb, Dy, Y) have growing demand, constrained or restricted supply and are commonly used in innovative technologies.\n\nSearch is the discove...