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USA Rare Earth Participates in Search Minerals Private Placement With Strategic Investment Of $630,000 (CDN)
Vancouver, B.C., March 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) and USA Rare Earth, LLC (“U
About this update from Search Minerals Inc.
[{"type":"text","content":" Vancouver, B.C., March 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) and USA Rare Earth, LLC (“USA Rare Earth”) are pleased to announce that USA Rare Earth, LLC purchased 9,000,000 units at $0.07 per unit for proceeds of $630,000 CDN in the Company’s most recent financing that closed on March 11, 2021. On November 10, 2020 Search and USA Rare Earth jointly announced a Technical Collaboration Framework Agreement whereby the two companies would work on several initiatives. USA Rare Earth is the funding and development partner of the Round Top Heavy Rare Earth, Lithium and Critical Minerals Project in Hudspeth County, West Texas, together with Texas Mineral Resources Corp. (OTCQB: TMRC) As part of Search’s and USA Rare Earth’s development plans, the companies intend to expand the collaboration to include discussions regarding separation, marketing and off-take of Search’s future production. These discussions are in line with Search’s ambition to be an important contributor to the development of a North American Critical Material supply chain and USA Rare Earth’s strategy of Mine-to-Magnet processing. 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 43-101 Preliminary Economic Assessment report for FOXTROT, and a 43-101 resource estimate for DEEP FOX. Search is also working on three significant exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX. USA Rare Earth is building an integrated Mine-to-Magnet supply chain as the development and funding partner of the Round Top Mountain critical minerals and heavy rare earth project in Hudspeth County, West Texas, the owner of sintered rare earth magnet manufacturing equipment previously owned and operated by Hitachi Metals in North Carolina, and the operator of a a rare earth and critical minerals facility in Wheat Ridge, Colorado, which is commissioning a pilot plant u...