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Search Minerals Announces Issuance of Shares-for-Debt & Approval of Warrants Extension
TORONTO , Feb. 18, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TS...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\nTORONTO, Feb. 18, 2014 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) is pleased to announce that the TSX Venture Exchange (\"TSXV\") has approved the Company's application to settle an aggregate of\n $121,250 of indebtedness owed to certain directors and officers of the\n Company through the issuance of an aggregate of 1,732,412 common shares (the \"Shares\") at a deemed issuance price of $0.07 per common share (see \"Search Minerals Announces Closing of Non-Brokered Financing, Issuance of\n Shares-for-Debt, and Warrant Extension Application\", February 10, 2014). The Shares were issued on February 14, 2014. All\n Shares issued in connection with the shares for debt transaction are\n subject to a four-month statutory hold period.\n\n\nAPPROVAL OF WARRANT EXTENSION\n\n\nFurthermore, the Company announces that the TSXV has approved the\n Company's application to extend the expiry date of 25,400,000 issued\n and outstanding common share purchase warrants (the \"Warrants\") in accordance with TSXV Policy 4.1 (see \"Search Minerals Announces Closing of Non-Brokered Financing, Issuance of\n Shares-for-Debt, and Warrant Extension Application\", February 10, 2014).\n\n\nThe Warrants were originally issued by the Company on March 21, 2013 and\n October 16, 2012. The Warrants are exercisable at prices of $0.10 and\n $0.20 per common share, respectively, and were set to expire on March\n 21, 2014 and April 16, 2014, respectively. Further to the Company's\n extension application, the TSXV has agreed, in accordance with TSXV\n Policy 4.1, to permit the term of the Warrants to be extended as\n follows:\n\n\n\n\n\n\n\nNumber of \nWarrants\n\n\nExercise \nPrice\n\n\nOriginal \nIssuance Date\n\n\nOriginal \nWarrant Term\n\n\nOriginal \nExpiry Date\n\n\nAmended \nWarrant Term\n\n\nAmended \nExpiry Date\n\n\n\n\n24,000,000\n\n\n$0.10\n\n\nMarch 21, 2013\n\n\n1 year\n\n\nMarch 21, 2014\n\n\n2 years\n\n\nMarch 21, 2015\n\n\n\n\n1,400,000\n\n\n$0.20\n\n\nOctober 16, 2012\n\n\n1.5 years\n(18 months)\n\n\nApril 16, 2014\n\n\n2.5 years\n(30 months)\n\n\nApril 16, 2015\n\n\n\n\n\n\n\nThe exercise prices of the Warrants remain unchanged.\n\n\nAbout Search Minerals:\nSearch Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed\n company focused on creating value through finding and developing\n mineral assets with grow...