Business
Search Minerals Closes Non-Brokered Private Placement Financings
St. Lewis, Newfoundland and Labrador--(Newsfile Corp. - November 7, 2025) - Search Minerals Inc. ...
About this update from Search Minerals Inc.
[{"type":"text","content":"Search Minerals Closes Non-Brokered Private Placement FinancingsSt. Lewis, Newfoundland and Labrador--(Newsfile Corp. - November 7, 2025) - Search Minerals Inc. (TSXV: SMY) (\"Search Minerals\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement financings for gross proceeds of $843,847, issuing the following: 1,487,694 units (the \"FT Units\") at a price of $0.50 per FT Unit for gross proceeds of $743,847 (the \"FT Financing\"). Each FT Unit consisted of one flow-through common share (a \"FT Share\") and one-half of one transferable non-flow-through common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable to acquire one non-flow-through common share of the Company at an exercise price of $0.65 per share until November 6, 2027. 620,002 of the FT Units were issued on a charity flow-through basis through an arrangement with Wealth Creation Preservation & Donation Inc.303,030 common shares (the \"Offered Shares\") on a non-flow through basis at a price of $0.33 per Offered Share for gross proceeds of $100,000 (the \"Share Financing\" and together with the FT Financing, the \"Financings\").The gross proceeds from the FT Financing will be used by the Company to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\" as both terms are defined in the Income Tax Act (Canada) related to the Company's Foxtrot and Deep Fox projects in Labrador. The Company also intends that such expenses incurred will be eligible for the Critical Mineral Exploration Tax Credit. The net proceeds from the Share Financing will be used by the Company for working capital and general corporate purposes.In connection with the Financings, the Company has: (i) paid an aggregate of $16,109.76 in cash finder's fees to Mine Equities Ltd. and Canaccord Genuity Corp. representing 6% of the gross proceeds of the FT Units that were sold to subscribers introduced by such parties; and (ii) issued an aggregate of 6,000 non-transferable common share purchase warrants (the \"Finder's Warrants\") to Canaccord Genuity Corp., representing 6% of the FT Units that were sold to subscribers introduced by such party. Each Finder's Warrant is exercisable to acquire one non-flow-through common share of the Company at an exercise price ...