Search is Granted Extension of Time in Which to Close Additional Tranches of Private Placement
Search is Granted Extension of Time in Which to Close
Additional Tranches of Private Placement
VANCOUVER, British Columbia, June 09, 2017 (GLOBE NEWSWIRE) -- Search Minerals Inc.
(TSXV:SMY) (“Search ” or the “Company”) announces that further to its news releases of May 5, 2017 and
May 31, 2017 announcing the closing of a first and second tranche, respectively, of its non -brokered unit
private placement (the “Offering ”) announced on March 20, 2017, it has been granted a 30 day extension
of time in which to close further tranches of the Offering. To date the Company has issued an aggregate of
5,022,166 units at a price of $0.09 per unit (the “Units”) under both tranches of the Offering for gross
proceeds of $451,994. The Company may issue up to a maximum of 34,000,000 Units pursuant to this
Offering, for gross proceeds of up to $3,060,000.
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 assessment applications and for
general working capital requirements. The aggregate gross proceeds of the Offering will be allocated as 1)
$1,000,000 for the environmental application process and general working capital, and 2) up to $2,060,000
will be used for the Deep Fox drill program and other exploration in the District.
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.
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.
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 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.
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]