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Search Minerals Inc. announces closing of shares for debt transaction
Search Minerals Inc. announces closing of shares for debt transaction Search Miner...
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[{"type":"text","content":"\n\n\n\nSearch Minerals Inc. announces closing of shares for debt transaction\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 shares for debt transaction\nCanada NewsWire\nVANCOUVER, Oct. 20, 2016\n\n\n\nVANCOUVER, Oct. 20, 2016 /CNW/ - (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\") reports that it has completed the shares for debt transaction originally announced on October 4, 2016 (the \"Shares for Debt Transaction\"), after receiving the approval of the TSX Venture Exchange to settle indebtedness with the NunatuKavut Community Council Inc. (\"NCC\"). \n\nThe Company issued 357,143 units of the Company (the \"Units\") at a deemed issue price of $0.07 per Unit in settlement of payments owing to NCC in the amount of $25,000 (the \"Debt\"). Each Unit will consist of one common share of the Company (a \"Share\") and one common share purchase warrant of the Company (a \"Warrant\"). Each Warrant will entitle the holder to purchase one additional Share (a \"Warrant Share\") at a price of $0.14 per Warrant Share for a period of twelve months.\n\nThe Units were issued concurrently with an additional 50,000 Shares due for issue under the original terms of exploration activity agreement between the Company and NCC dated August 22, 2012 (the \"Agreement\"). \n\nAll securities issued in connection with the Shares for Debt Transaction and under the Agreement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation.\n\nAbout Search Minerals Inc. \n\nLed by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Port Hope Simpson Critical Rare Earth Element (CREE) District of SE Labrador. The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced \"Deepwater Fox\" and \"Fox Meadow\" as significant new CREE prospects very similar and in close proxi...