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Search Minerals Signs Binding Letter Agreement for Additional Property in Labrador
VANCOUVER, British Columbia, June 17, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce that it has
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, June 17, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce that it has signed a binding letter agreement (the “Letter Agreement” ) with Roland Quinlan and Eddie Quinlan (collectively, the “Vendors”) for an option (the “Option”) to acquire an undivided 100% interest in and to certain claims owned by the Vendors known as the Mann#1, and another claim proximal to Two Tom Lake, (the “Property”). In order to maintain and exercise the Option, Search is required to make cash payments to the Vendors totalling $200,000 and issue 1,600,000 common shares (the “Shares”) in accordance with the following schedule: Cash Payments $20,000 on the date the TSX Venture Exchange accepts the Letter Agreement for filing (the “Acceptance Date”); $30,000 before the first anniversary of the Acceptance Date; $60,000 before the second anniversary of the Acceptance Date; $60,000 before the third anniversary of the Acceptance Date; and $30,000 before the fourth anniversary of the Acceptance Date. Share Issuances 400,000 Shares on the Acceptance Date; 400,000 Shares before the first anniversary of the Acceptance Date; 400,000 Shares before the second anniversary of the Acceptance Date; 300,000 Shares before the third anniversary of the Acceptance Date; and 100,000 Shares before the fourth anniversary of the Acceptance Date. Search will grant the Vendors a 3.0% Net Smelter Return Royalty (“NSR”) on the Property. Search will have the right to purchase 2.5% of the NSR at any time for $2,000,000 The Property consists of two licenses, 027380M (4 claims) and 027384M (20 claims), totalling 24 claims, that equal 6 square kilometres (600 ha.). License 027380M encompasses the Mann #1 Be-Nb-REE mineralized zone. License 027384M is proximal to the Two Tom Lake Be-Nb-REE resource. The acquisition of these two properties further enhances the Company’s strong position in the Red Wine REE (Rare Metal) District in west-central Labrador. No finder’s fee was payable in connection with the Letter Agreement, and the Letter Agreement is subject to TSX Venture Exchange acceptance. For further information, please contact: Greg AndrewsPresident and CEOTel: 604-998-3432E-mail: [email protected] About Search Minerals Inc. Led by a proven management team and board of directors, Sear...