Business
Search Minerals Announces Sale of Starved Acid Leaching Technology (SALT) & Appointment of EVP Corporate Development
TORONTO , Nov. 27, 2013 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TS...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\nTORONTO, Nov. 27, 2013 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) is pleased to announce that it has completed the previously\n announced sale of the intellectual property rights to Search's starved\n acid leaching technology (\"SALT\"), developed by Search's own Dr. David Dreisinger and Mr. James Clucas,\n to InCoR Technologies Limited (\"ICRT\"), a wholly owned subsidiary of InCor Holdings Plc (\"InCoR\") (see \"Search Minerals Announces New Strategic Direction\", October 17, 2013).\n\n\nPursuant to the definitive agreement between the parties, Search has\n transferred all of the intellectual property rights related to SALT to\n SALT Technology Holdings Inc. (\"SALT Holdings\"), a newly-incorporated company, and ICRT has purchased the outstanding\n shares of SALT Holdings for a total purchase price of C$2.2 million,\n comprised of a cash payment of C$50,000, as well as delivery at closing\n of a C$2,150,000 promissory note issued by ICRT to Search, to be repaid\n as follows:\n\n\nC$50,000 upon delivery of a positive economic scoping study, anticipated\n in early 2014;\n\n\nC$100,000 upon completion of a positive bankable feasibility study; and\n\n\nC$2,000,000 repayable from 25 percent of the net cash flow from a\n commercial application of the technology.\n\n\nStephen Keith, President & Chief Executive Officer, stated, \"As Search\n refocuses on other opportunities, we elected to transfer SALT to a\n company dedicated to developing technology for the mineral extraction\n industry, with plans to move ahead with the economic scoping study and\n subsequent pilot plant test work. The sale of SALT to InCoR allows\n Search to focus on its new strategic direction in order to deliver\n value to shareholders, while still recovering the Company's investment\n in the technology, as well as maintaining access to some upside should\n the technology be commercialized.\"\n\n\nThis transaction has been approved by the TSX Venture Exchange.\n\n\nAPPOINTMENT OF EXECUTIVE VICE PRESIDENT, CORPORATE DEVELOPMENT\n\n\nSearch's Board of Directors has appointed Mr. Alexandre Penha as\n Executive Vice President, Corporate Development as of November 1st, 2013. Mr. Penha brings over 15 years of industry experience and is a\n current Director of Search Minerals Inc. He most recently held the\n titles of Vice Presid...