Business
Search Minerals closes first tranche of non-brokered financing
/THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN T...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n/THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES./\n\n\nVANCOUVER, Aug. 27, 2014 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) is pleased to announce that the Company has closed the\n first tranche of its non-brokered private placement financing announced\n on July 31, 2014. (see: Search Minerals Announces Private Placement, July 31, 2014). The Company issued 8,300,000 units (the \"Units\") at a price of $0.05 per Unit for gross proceeds of $415,000.  Each\n Unit is comprised of one common share of the Company and one common\n share purchase warrant of the Company.  Each warrant is exercisable\n into one additional common share of the Company for a period of 24\n months from closing of the private placement at an exercise price of\n $0.10.\n\n\nAn Insider acquired 4,000,000 Units at the closing. All securities\n issued at closing are subject to a four month hold period which will\n expire on December 28, 2014. The Company anticipates completing the\n balance of the financing in the coming weeks.\n\n\nAbout Search Minerals:\n\n\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 Western Minerals Group has a Joint Venture with\n Search).\n\n\nAll material information on the Company may be found on its website at\n searchminerals.ca and on SEDAR at sedar.com.\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider\n (as that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility of the adequacy or accuracy of this release.\n\n\nCautionary Statement Regarding Forward...