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Search Minerals Inc. Announces $15,000,000 Non-Brokered Private Placement of Units and Previously Announced Flow-Through Shares
VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY | OTCQB: SHCMF is pleased to update t
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY | OTCQB: SHCMF is pleased to update the terms of the Company’s non-brokered private placement of flow-through common shares of the Company (“the “FT Shares”), as announced on December 3, 2021 (the “FT Offering”). The Company is pleased to announce that Search will complete a non-brokered private placement offering for aggregate gross proceeds of up to $15,000,000, through a combination of (i) FT Shares at a price of $0.25 per FT Share, up to a maximum of $5,000,000; and (ii) units of the Company (the \"Units\") at a price of $0.18 per Unit (the \"Unit Offering\"). Each Unit consists of one common share (each, a “Share”) and one common share purchase warrant (each, a “Warrant”) in the capital of the Company. Each Warrant will entitle the holder to purchase one additional Share at a price of $0.25 per Share for a period of 24 months after the date of issuance, provided that if the volume-weighted average closing price of the Shares on the TSX Venture Exchange (the “TSXV”) is at a price greater than $0.40 for a period of thirty consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than 30 days from the date of such notice. The Company intends to use the proceeds from the FT Offering to incur eligible Canadian exploration expenses and flow-through mining expenditures, within the meaning of the Income Tax Act (Canada), on the Company’s projects, including the Company's Deep Fox project in the Critical Rare Earth Element District of South East Labrador (the “District”) and other exploration work in the District. The Company intends to use the proceeds from the Unit Offering for general working capital purposes. Closing of each of the FT Offering and Unit Offering (collectively, the “Offerings”) is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSXV. In connection with the Offerings, the Company may pay finders’ fees to certain arm’s length parties, as permitted by the policies of the TSXV. All securities issued in connection with the Offerings will be subject ...