Business
Search Minerals announces private placement
VANCOUVER , July 31, 2014 /CNW/ - Search Minerals Inc. (" Search " or the " Company ") (...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, July 31, 2014 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) is pleased to announce a non-brokered private placement\n (the \"Financing\") pursuant to which the Company will issue up to 40,000,000 units at a\n price of $0.05 per unit, to raise gross proceeds of up to $2,000,000.\n\n\nEach unit will consist of one common share of the Company and one common\n share purchase warrant of the Company. Each warrant will entitle the\n holder to acquire an additional common share of Search for a period of\n two years following the date of issuance of the unit at a price of\n $0.10 per share.\n\n\nA Control Person (as that term is defined under the policies of the TSX\n Venture Exchange) of the Company and certain directors and officers of\n the Company may acquire units pursuant to the Financing.\n\n\nThe Company will use the proceeds from the Financing as follows:\n\n\n\nto advance the larger scale testing and optimization of the Company's\n simplified metallurgical processing technology (patent pending) with\n SGS Canada scheduled for Q3 2014 (see \"Search Minerals Announces Metallurgical Breakthrough For Rare Earth\n Recovery, July 22, 3014\");\n\n\nto maintain its rare earth properties in the Port Hope Simpson REE\n District;\n\n\nto advance discussions with refining partners; and\n\n\nfor general working capital.\n\n\n\n\n\n\nCompletion of the Financing is subject to the approval of the TSX\n Venture Exchange.  No finder's fees or commissions are payable in\n connection with the financing.\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 growing demand and constrained or restricted\n supply, and with increasing use in innovative technologies\n\n\nSearch is the discoverer of the Port Hope Simpson REE District, a highly\n prospective light and heavy REE belt located in southeast Labrador,\n where the Company controls a dominant land position in a belt 70 km\n long and up to 8 km wide. In addition, Search holds a number of\n additional mineral prospects in Newfoundland and Labrador in its\n portfolio, including claims in the Strange Lake Complex (where Quest\n Rare Minerals has a Joint Venture with Search); and at the Red Wine\n Complex (where Great Wester...