Business
Search Minerals Announces Guaranteed Rights Offering for $1,366,055
VANCOUVER, British Columbia, May 02, 2019 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce that it will
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 02, 2019 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce that it will be proceeding with a guaranteed rights offering to raise $1,366,055. The Company will be offering rights to holders of its Common Shares at the close of business on the record date of May 10, 2019 on the basis of one right for each four (4) Common Shares held (the “Rights Offering”). Each right will entitle the holder to subscribe for one share of the Company (a “Share”) upon payment of a subscription price of $0.03 per Share. The rights will not trade on the TSX Venture Exchange (“TSXV). The Rights offering will expire at 2:00 p.m. (Vancouver time) on June 14, 2019 (the “Expiry Time”), after which time unexercised rights will be void and of no value. Shareholders who fully exercise their rights will be entitled to subscribe for additional Shares, if available as a result of unexercised rights prior to the Expiry Time, subject to certain limitations set out in the Company’s Rights Offering circular. Details of the Rights Offering will be set out in the Rights Offering notice and Rights Offering circular which will be available under the Company’s profile at www.sedar.com. The Rights Offering notice and accompanying rights certificate will be mailed to each eligible shareholder of the Company as at the record date. Registered shareholders who wish to exercise their rights must forward the completed rights certificate, together with the applicable funds, to the rights agent, Computershare Investor Services Inc., on or before the Expiry Time. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary. Rights delivered to brokers, dealers or other intermediaries may not be delivered by those intermediaries to beneficial shareholders who are residents in a jurisdiction outside of Canada. The Company currently has 182,140,678 Common Shares outstanding. A maximum of 45,535,170 Shares will be issued under the Rights Offering. If all the rights issued are validly exercised, the offering will raise gross proceeds of approximately $1,366,055, the net proceeds of which will be used to reduce trade payables, repay loan advances to InCoR ...