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Search Minerals Receives Funds for Convertible Debenture
VANCOUVER, British Columbia, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) is pleased to announce that further
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) is pleased to announce that further to the Company’s news releases dated November 1, 2019 and January 13, 2020 (the “Prior News Releases”), the Company has received $150,000 from InCoR Holdings Limited (“InCoR”). The parties have agreed that the existing $850,000 principal amount of the Debenture together with the $150,000 advance will be rolled over into a new convertible debenture with principal amount of $1,000,000 (the “New Debenture”) effective as of February 28, 2020. All other terms remain the same, and the New Debenture will expire on November 30, 2020. For further details please refer to the Prior News Releases. The foregoing constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) because InCoR is a “Control Person” of the Company. The Company is 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 resources within the emerging Critical Rare Earth Element (“CREE”) District of South East Labrador. The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT and DEEP FOX Projects, which are road accessible and at tidewater. Exploration efforts have advanced “Fox Meadow” as a new CREE prospect very similar to and in close proximity to FOXTROT and DEEP FOX. The FOXTROT Project has a capital cost to bring the initial project into production ($152 M), a short payback period and is scalable due to Search’s proprietary processing technology. All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at www.sedar.com For further information, please contact: Greg AndrewsPresident and CEOTel: 604-998-3432E-mail: [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exc...