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Search Minerals Inc. Announces $5,000,000 Non-Brokered Private Placement
VANCOUVER, British Columbia, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY | OTCQB: SHCMF) is pleased to announc
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY | OTCQB: SHCMF) is pleased to announce that the Company is conducting a non-brokered private placement of up to 20,000,000 flow-through common shares of the Company (the \"FT Shares\") at a price of $0.25 per FT Share for maximum gross proceeds of up to $5,000,000 (the \"Offering\"). The Company intends to use the proceeds from the 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 Offering is expected to close before December 31, 2021 and is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange (“TSXV”). In connection with the Offering, 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 Offering will be subject to a four-month hold period under applicable securities legislation. Certain insiders of the Company may participate in the Offering. The participation of Insiders in the Offering will constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company anticipates relying on the exemptions from the formal valuation and minority approval requirements in Sections 5.5.(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transactions does not exceed 25% of the Company’s market capitalization. About Search Minerals Inc. Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic...