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Search Minerals Inc. Announces Amendment to Patent Purchase of Salt Technology and Raises $ 350,000 Private Placement.
Search Minerals Inc. Announces Amendment to Patent Purchase of Salt Technology and Raises ...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\nSearch Minerals Inc. Announces Amendment to Patent Purchase of Salt Technology and Raises $ 350,000 Private Placement.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSearch Minerals Inc. Announces Amendment to Patent Purchase of Salt Technology and Raises $ 350,000 Private Placement.\nCanada NewsWire\nVANCOUVER, Sept. 30, 2015\n\n\n\nVANCOUVER, Sept. 30, 2015 /CNW/ -  (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\") is pleased to announce that Search and InCor Technologies Limited (\"InCor\") have amended the Patent Purchase Agreement (the \"Agreement\") dated November 13, 2013.  The amendment will have InCor provide Search with a payment of CDN$650,000 which will fully satisfy and discharge InCor from any further obligation under the Agreement.  The payment schedule will consist of $ 250,000 at closing, $200,000 on December 31, 2015 and $ 200,000 on February 28, 2016.\n\nConcurrent with this transaction, InCor's parent company, InCor Holdings PLC (\"InCor Holdings\"), will subscribe for 5,000,000 units of the Company at a price of CDN$0.07 per unit (the \"InCor Financing\"), each unit to consist of one common share of Search (a \"Search Share\") and one common share purchase warrant of Search, each such warrant exercisable to purchase one Search Share at a price of CDN$0.10 for a period of two years following the closing date of the InCor Financing (the \"Closing Date\").  These funds will be used for general working capital purposes.\n\nAll securities issued pursuant to the InCor Financing will be subject to a statutory hold period of four months and one day from the Closing Date.  Completion of the InCor Financing and the amendment of the Agreement are subject to the approval of the TSX Venture Exchange (the \"TSXV\").\n\nGreg Andrews, President, states \"We are delighted to be able to continue to finance the Company's Critical Rare Earth Element assets in Labrador with this substantial infusion of funds into Search Minerals with minimal dilution to existing shareholders. The negotiated $ 650,000 early settlement ...