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Search Minerals Announces Non-Brokered Private Placement and Grant of Stock Options
VANCOUVER, British Columbia, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”), is pleased to announce that the Com
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”), is pleased to announce that the Company is conducting a non-brokered private placement of up to 8,500,000 units (the “Units”) at a price of $0.06 per Unit for maximum gross proceeds of up to $510,000 (the “Offering”). Each Unit will be comprised of one common share and one share purchase warrant (a “Warrant”), with each Warrant entitling the holder to acquire an additional Share for a period of 2 years at a price of $0.06 in the first year and $0.08 in the second year. The Offering is expected to close on or about December 18, 2020 and is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period under applicable securities legislation. In addition, the Company announces that it has granted 12,550,000 stock options to Directors, officers, employees and consultants exercisable for a period of 5 years at a price of $0.08. All stock options will vest immediately. Certain insiders of the Company may participate in the Offering. The participation of Insiders in the Offering will constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company anticipates relying on the exemptions from the formal valuation and minority approval requirements in Sections 5.5.(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transactions does not exceed 25% of the Company’s market capitalization. About Search Minerals Inc. Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT, and a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the bel...