Business
Search Minerals to Extend Warrant Terms
VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce that the Co
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce that the Company intends to amend the term of a total of 23,495,821 outstanding common share purchase warrants (the \"Warrants\") previously issued pursuant to the Company's rights offering that closed on July 5, 2018 (the \"Rights Offering\") and private placement that closed on July 11, 2018 (the \"Private Placement\"). Pursuant to the Rights Offering, the Company issued a total of 15,609,285 units of the Company (each, a \"Unit\") at an exercise price of $0.04 per Unit, with each Unit consisting of one common share of the Company (each, a \"Share\") and one Warrant. The Warrants issued under the Rights Offering Warrants were originally exercisable at a price of $0.07 for one Share for a period of 2 years from the date of issuance. Pursuant to the Private Placement, the Company issued a total of 3,000,000 flow-through units of the Company (the \"FT Units\") at an exercise price of $0.04 per FT Unit, with each FT Unit consisting of one flow-through Share and one Warrant and 4,887,536 Units, with each Unit consisting of one Share and one Warrant. The Warrants issued under the Private Placement were originally exercisable at a price of $0.07 for one Share for a period of 2 years from the date of issuance. The Company wishes to amend the terms of the outstanding Warrants issued pursuant to the Rights Offering and the Private Placement to extend the expiry date of the Warrants to July 12, 2022 (the \"Warrant Amendment\"). The exercise price of the Warrants will remain unchanged. The Warrant Amendment remains subject to approval of the TSX Venture Exchange. For further information, please contact: Greg AndrewsPresident and CEOTel: 604-998-3432 E-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 Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and inf...