Search Closes First Tranche of Private Placement
Search Closes First Tranche of Private Placement
VANCOUVER, British Columbia, Dec. 01, 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
releases dated August 3, 2017 and October 25, 2017, the Company has completed the first tranche of its non-brokered private
placement (the “Offering”) raising gross proceeds of $145,000 by the issuance of 2,900,000 flow-through shares (the
“Shares”) at $0.05 per Share. The Company anticipates closing its second and final tranche on or before December 11, 2017.
All Shares 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 of the Offering to incur Canadian exploration expenses as defined in the Income Tax Act
on the company's properties and to complete the planned 2,000-metre drill program at the Deep Fox prospect ( formerly called
Deepwater Fox).
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.
Insiders of the Company have subscribed for a portion of the Shares under the Offering. The issuance of Shares to insiders
pursuant to the Offering (the “Insider Participation ”) will be considered to be a related party transaction within the meaning of
TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“ MI 61-101”). The Company intends to rely on the
exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and
5.7(1)(b) of MI 61- 101 in respect of any Insider Participation.
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 Port Hope Simpson Critical Rare Earth Element (“ CREE”) District of South East Labrador (the “ District”). The
Company controls a belt 70 km long and 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 very similar and in close proximity to the original FOXTROT discovery. While the Company has identified more than
20 other prospects in the District, its primary objective remains development of FOXTROT with the clearly demonstrated
success of the proprietary processing technology at the pilot plant level and delineation of prospects that will ensure
competitive-low cost production beyond the 14-year mine life contemplated in the preliminary economic assessment of
FOXTROT completed in April 2016. The FOXTROT Project has a low 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. The preliminary
economic assessment is preliminary in nature and includes inferred 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 includes 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, electric mobility, and energy-efficient technologies. We consider terbium to be a neo-
CREO because upon experiencing shortages of dysprosium, consumers in the magnet industry will rapidly consume available
terbium 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 converters and rechargeable
batteries, and will be increasingly used as a thermal stabilizer by producers of poly-vinyl 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]
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 or for dissemination in the United 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 applicable Canadian and United States securities legislation including the United States
Private Securities Litigation 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.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”,
“intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”,
“may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other
things, completion of the Offering. Actual future results may differ materially. There can be no assurance that such
statements will prove to be accurate, and actual results and future events could differ materially from those anticipated 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 social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements 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 estimates based on or related to many of these factors.
Such factors include, without limitation, the risk that the Company is not able 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 contained in this news release concerning these times. Except as required by law, the Company
does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors,
should they change.