Search Minerals Inc. announces closing of second and final tranche of private placement

About this update from Search Minerals Inc.

[{"type":"text","content":"\n\nVANCOUVER, Aug. 18, 2015 /CNW/ - (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\") is pleased to announce the closing of the second and final tranche of its previously announced private placement (the \"Offering\") raising gross proceeds in the second tranche of $192,200 by the issuance of 3,203,334 units (the \"Units\") at $0.06 per Unit.  Each Unit consists of one common share in the capital of the Company and one share purchase warrant (a \"Warrant\").  Each Warrant entitles the holder to purchase one additional common share in the capital of the Company (a \"Warrant Share\") at a price of $0.10 per Warrant Share for a period of 24 months from the closing of the Offering.   In total, the Company has raised $669,200 in both tranches of the Offering by the issuance of 11,153,334 Units.\n\nThe Company will use the total proceeds from the Offering as follows:\n\n\nComplete channel sampling work program at the new Deepwater Fox prospect; \nPrepare updated preliminary economic assessment report using the information contained in the recent engineering study (see \"Search Minerals Receives Independent Engineering Study For Processing Facility In SE Labrador,\" June 16, 2015) and including information from Search's proprietary metallurgical process (see \"Search Minerals Announces Successful Scale Up of Proprietary Metallurgical Process to Produce 98.9% Purity Rare Earth Oxide Product,\" Feb. 2, 2015); \nTo maintain its rare-earth properties in the Port Hope Simpson CREE District; and \nFor general working capital.\n \n\nAll securities issued in the second tranche of the Offering are subject to a statutory hold period expiring on December 18, 2015, in accordance with applicable securities legislation.\n\nDirectors and officers of the Company acquired Units under the Offering. Such participation is considered to be a \"related party transaction\", as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation.\n\nGreg Andrews, President, \"Search's exploration crew has just completed the channelling program at the Deepwater Fox Prospect. This program consisted of a total ...

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