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Search Minerals Inc. Announces Closing of $ 350,000 Private Placement and Receipt of $ 250,000 Partial Payment for Sale of Starved Acid Leach Technology
Search Minerals Inc. Announces Closing of $ 350,000 Private Placement and Receipt of $ 250...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\nSearch Minerals Inc. Announces Closing of $ 350,000 Private Placement and Receipt of $ 250,000 Partial Payment for Sale of Starved Acid Leach Technology\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 Closing of $ 350,000 Private Placement and Receipt of $ 250,000 Partial Payment for Sale of Starved Acid Leach Technology\nCanada NewsWire\nVANCOUVER, Oct. 19, 2015\n\n\n\nVANCOUVER, Oct. 19, 2015 /CNW/ - (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\") is pleased to announce the closing of its previously announced financing (the \"Incor Financing\") by InCor Holdings PLC (\"InCor\") in connection with the amendment to the Patent Purchase Agreement (the \"Agreement\") between Search and InCor Technologies Ltd., a wholly-owned subsidiary of InCor. \n\nIn connection with the Incor Financing, Search issued 5,000,000 units (\"Units\") of the Company at a price of CDN$0.07 per Unit, for total proceeds of CDN$350,000. Each Unit consists 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.  These funds will be used for general working capital purposes.\n\nIn total, the Company received CDN $600,000, which consisted of $ 350,000 to close the Private Placement and $250,000 for the partial payment of the purchase price under the amended Agreement.  InCor will make further payments of $200,000 on December 31, 2015 and $200,000 on February 28, 2016 to complete the payment obligations set out in the amended Agreement.\n\nAll securities issued pursuant to the Incor Financing will be subject to a statutory hold period expiring on February 20, 2016, in accordance with applicable securities legislation. \n\nAbout Search\n\nSearch is a TSXV-listed company focused on creating value through finding and developing \"critical rare earth element (\"CREE\")\" mineral assets in Labrador. CREEs (Nd, Eu, Tb, Dy, Y) have growing d...