Business
Search Minerals Closes Over-Subscribed Rights Offering
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About this update from Search Minerals Inc.
[{"type":"text","content":" Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. VANCOUVER, British Columbia, July 09, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. (\"Search\" or the \"Company\") (TSX-V:SMY), is pleased to announce that on July 5, 2018 the Company closed its previously announced rights offering which expired on June 28, 2018 (“Rights Offering”) and was over-subscribed. At closing, Search issued 15,609,285 units (“Units”) at a price of $0.04 per Unit for total gross proceeds of $624,372. Each Unit consists of one Common Share and one Common Share purchase warrant, with each whole warrant exercisable for one Common Share at a price of $0.07 per Common Share for a period of twenty-four (24) months which will expire on July 5, 2020. Following the closing of the Rights Offering, Search has 171,702,142 common shares issued and outstanding. To the knowledge of the Company, after reasonable inquiry, directors, officers, employees and other insiders of the Company exercised subscription privileges, including subscription privileges associated with additional rights acquired in the market, to acquire 6,787,521 Units under the Rights Offering representing total subscription proceeds of approximately $271,500. To the knowledge of the Company, after reasonable inquiry, no person became a new shareholder holding more than 10% of the shares of the Company as a result of the Rights Offering. InCoR Holding PLC (\"InCoR\"), an insider and the Company's largest shareholder, acquired an aggregate of 6,045,33 Units in connection with the Rights Offering and was issued an additional 3,140,988 non-transferable compensation warrants in consideration for providing the stand-by commitment for the Rights Offering. Each such non-transferable compensation warrant is exercisable at a price of $0.07 for 60 month-period from July 5, 2018. There were no selling fees or commissions paid in connection with the distribution. The net proceeds of the Rights Offering will be used in the manner disclosed in the rights offering circular of the Company dated June 1, 2018, a copy of which is available on the Company's SEDAR profile at www.sedar.com. About Search Minerals Inc. Led by a proven management team and board of direc...