Business
Search Minerals Closes Shares for Debt Transaction
St. Lewis, Newfoundland and Labrador--(Newsfile Corp. - May 15, 2026) - Search Minerals Inc. (TSXV: SMY) (OTC Pink: SHCMF) ("Search Minerals" or the "Company") announces that, further to its news releases of February 20, 2026 and May 6, 2026, it has completed its previously announced shares-for-debt transaction (the "Transaction") pursuant to TSX Venture Exchange Policy 4.3 – Shares for Debt.Pursuant to the Transaction, the Company has issued an aggregate of 370,000 common shares (the "Shares").
About this update from Search Minerals Inc.
[{"type":"text","content":"St. Lewis, Newfoundland and Labrador--(Newsfile Corp. - May 15, 2026) - Search Minerals Inc. (TSXV: SMY) (OTC Pink: SHCMF) ("Search Minerals" or the "Company") announces that, further to its news releases of February 20, 2026 and May 6, 2026, it has completed its previously announced shares-for-debt transaction (the "Transaction") pursuant to TSX Venture Exchange Policy 4.3 – Shares for Debt.","length":425,"tagName":"p"},{"type":"text","content":"Pursuant to the Transaction, the Company has issued an aggregate of 370,000 common shares (the "Shares") at a deemed price of $0.50 per Share in settlement of $185,000 of outstanding indebtedness (the "Debt").","length":229,"tagName":"p"},{"type":"text","content":"The Debt was settled in accordance with Policy 4.3 and applicable provisions of Policy 4.4 of the TSX Venture Exchange (the "TSXV"). Upon issuance of the Shares, the Debt has been fully satisfied and extinguished in its entirety, and no further amounts remain owing in respect of such obligations. No new consideration was paid by the creditors in connection with the issuance of the Shares.","length":401,"tagName":"p"},{"type":"text","content":"To the extent that any of the creditors are insiders or non-arm's length parties of the Company, the Transaction constituted a related party transaction under applicable securities laws and TSXV policies. Any such participation was completed in accordance with the requirements of the policies of the TSXV, and applicable corporate and securities law requirements, including any required disinterested approval, if applicable.","length":430,"tagName":"p"},{"type":"text","content":"The Shares issued pursuant to the Transaction are subject to a statutory hold period expiring four months and one day from the date of issuance in accordance with applicable securities laws and TSXV policies. The Transaction remains subject to final acceptance by the TSXV.","length":273,"tagName":"p"},{"type":"text","content":"ABOUT SEARCH MINERALS","length":21,"tagName":"p"},{"type":"text","content":"Search Minerals is focused on finding and developing Critical Rare Earth Elements (CREE) resources that include neodymium (Nd); praseodymium (Pr); dysprosium (Dy); and terbium (Tb), within the emerging Port Hope Simpson – St. Lewis CREE District of southea...