Search Closes First Tranche of Priv Ate Placement and Extends Priv Ate Placement Offering
SEARCH MINERALS INC.
# 211, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 6w.searchminerals.ca .
NEWS RELEASE
FOR IMMEDIATE RELEASE: May 5, 2017
SEARCH CLOSES FIRST TRANCHE OF PRIV ATE PLACEMENT AND EXTENDS
PRIV ATE PLACEMENT OFFERING
Vancouver, B.C. May 5, 2017 – Search Minerals Inc. (TSXV: SMY) (“ Search” or the “ Company”) is
pleased to announce the closing of the first tranche of its previously announced private placement. Further to its
news release dated March 20, 2017, the Company has comp leted the first tranche of its non-brokered private
placement (the “Offering”) raising gross proceeds of $325,994.94 by the issuance of 3,622,166 units (the
“Units”) at $0.09 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”)
and one-half of one share purchase warrant (a “Warrant ”). Each Warrant entitles the holder to purchase one
additional common share in the capital of the Company (a “Warrant Share”) at a price of $0.18 per Warrant
Share for a period of 12 months from the closing of the Offering.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus one day
from the date of issuance, in accordance with applicable securities legislation.
The Company will use the proceeds from the Offering to complete a drilling program on the Deep Fox prospect
(formerly called Deepwater Fox ), to complete the environmental ass essment applications and for general
working capital requirements. The aggregate gross pro ceeds of the Offering will be allocated as 1) $ 1,000,000
for the environmental application process and general work ing capital, and 2) up to $ 2,060,000 will be used for
the Deep Fox drill program and other exploration in the District.
The Company also announces th at it has extended the closing of the Offe ring to June 5, 2017. Closing of the
Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory
approvals, including the approval of the TSX Venture Exchange.
A portion of the second tranche of the Offering may be completed pursuant to BC Instrument 45-534 -
Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders and similar
instruments in other jurisdictions in Canada (the “E xisting Security Holder Exemption”). The aggregate
acquisition cost to a subscriber under the Existing Security Holder Exemption cannot exceed $15,000 unless that
subscriber has obtained advice from a re gistered investment dealer regardin g the suitability of the investment.
The Company has fixed March 16, 2017, as the record date for the purpose of determining existing shareholders
of the Company who are entitled to participate in the Offering pursuant to the Existing Security Holder
Exemption.
About Search Minerals Inc.
Led by a proven management team and board of direct ors, Search is focused on finding and developing
resources within the emerging Port Hope Simpson Critical Rare Earth Element (“ CREE”) District of South East
Labrador (the “District”). The Company controls a belt 70 km long a nd 8 km wide including its 100% interest
in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced “Deep
Fox” and “Fox Meadow” as significant new CREE prospects ve ry similar and in close proximity to the original
FOXTROT discovery. While the Company has identified mo re than 20 other prospects in the District, its
SEARCH MINERALS INC.
# 211, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 6w.searchminerals.ca .
primary near-term objective remains development of the FOXTROT deposit.
With proprietary processing technology now demonstrated at the pilot plant level and ongoing delineation of
additional prospects, the Company’s long-term goal is to ensure competitive-low cost production well beyond
the 14-year mine life contemplated in the prelimin ary economic assessment of FOXTROT completed in April
2016. The FOXTROT Project has a low capital cost to brin g the initial project into production ($152 M), a short
payback period and is scalable due to Search’s prop rietary processing technology. The preliminary economic
assessment is preliminary in nature and includes inferre d mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The
preliminary economic assessment includ es the results of an economic analysis of mineral resources. Mineral
resources are not mineral reserves and do not have demonstrated economic viability.
All material information on the Company may be found on its website at www.searchminerals.ca and on
SEDAR at www.sedar.com
About neo-CREOs (Adamas Intelligence – December 2016)
We consider neodymium, praseodymium, and dysprosium to be neo-CREOs and they are vital to NdFeB
magnets used widely in renewable power generation, elect ric mobility, and energy-efficient technologies. We
consider terbium to be a neo-CREO because upon experi encing shortages of dysprosium, consumers in the
magnet industry will rapidly consume available terbiu m supplies in its place for applications involving
renewable power generation, electric mobility and energy efficient technologies. Lanthanum is considered a
neo-CREO because it is widely used in catalytic converte rs and rechargeable batteries, and will be increasingly
used as a thermal stabilizer by producers of poly-viny l chloride (PVC) to minimize lead consumption and
improve the energy efficiency of PVC and other processing equipment.
For further information, please contact:
Greg Andrews
President and CEO
Tel: 604-998-3432
E-mail: [email protected]
Paul Snow
Investor Relations
Tel: 709-753-0794
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.
Not for distribution to U.S. Newswire Services of for dissemination in the Unit ed States. Any failure to comply
with this restriction may constitute a violation of U.S. securities laws.
Cautionary Statement Regarding “Forward-Looking” Information.
This news release includes certain "forward-looking information” and "forward-looking statements” (collectively
"forward-looking statements”) within the meaning of a pplicable Canadian and United States securities legislation
including the United States Private Securities Litigatio n Reform Act of 1995. All statements, other than
statements of historical fact, included herein, without limitation, statements relating the future operating or
financial performance of the Company, are forward-looking statements.
SEARCH MINERALS INC.
# 211, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 6w.searchminerals.ca .
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”,
“believes”, “intends”, “estimates”, “potential”, “possibl e”, and similar expressions, or statements that events,
conditions, or results “will”, “may”, “c ould”, or “should” occur or be achi eved. Forward-looking statements in
this news release relate to, among other things, comple tion of the Offering. Actual future results may differ
materially. There can be no assurance that such statemen ts will prove to be accura te, and actual results and
future events could differ materially from those antici pated in such statements. Forward-looking statements
reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of
assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to
significant business, economic, competitive, political and so cial uncertainties and contingencies. Many factors,
both known and unknown, could cause act ual results, performance or achievem ents to be materially different
from the results, performance or achievements that are or may be expressed or implied by such forward-looking
statements and the parties have made assumptions and estim ates based on or related to many of these factors.
Such factors include, without limitation, the risk that the Company is not ab le to find suitable investors for the
Offering or does not receive the approval of the TSX Venture Exchange. Readers should not place undue reliance
on the forward-looking statements and information contai ned in this news release concerning these times. Except
as required by law, the Company does not assume any obl igation to update the forward-looking statements of
beliefs, opinions, projections, or other factors, should they change.