Search Minerals Closes Second Tranche of Non-Brokered Private Placement Financing and Announces Extension of Financing
SEARCH MINERALS INC.
T (416) 320-9296 F (604) 608-5717
www.SearchMinerals.com [email protected]
SEARCH MINERALS CLOSES SECOND TRANCHE OF NON-BROKERED PRIVATE
PLACEMENT FINANCING AND ANNOUNCES EXTENSION OF FINANCING
St. Lewis, Newfoundland and Labrador – (Newsfile Corp. – August 26, 2026) – Search Minerals
Inc. (TSXV:SMY | OTC:SHCMF) (“Search Minerals” or the “Company”) is pleased to announce
that it has closed the second tranche (the “ Second Tranche”) of its previously announced non-
brokered private placement financing (the “Financing”) (News Release dated July 13, 2026; Initial
Tranche News Release dated August 7, 2026), for aggregate gross proceeds of C$200,015.90.
Red Cloud Securities Inc. (“Red Cloud”) acted as finder in connection with the Second Tranche.
“We are pleased to close the Second Tranche of our non- brokered private placement, which
reflects continued investor support as we advance our Foxtrot and Deep Fox projects, ” said
Jason Macintosh, Interim CEO of Search Minerals.
The Second Tranche consists of: (i) 425,600 units of the Company (each, a “ Unit”) at a price of
C$0.235 per Unit, for gross proceeds of C$100,016.00 (the “ Unit Financing”); and (ii) 370,370
critical mineral flow-through units of the Company (each, a “FT Unit”) at a price of C$0.27 per FT
Unit, for gross proceeds of C$99,999.90 (the “ FT Financing”), for aggregate gross proceeds
under the Second Tranche of C$200,015.90.
Each Unit will consist of one common share of the Company (each, a “ Unit Share”) and one
common share purchase warrant (each, a “Warrant”). Each FT Unit will consist of one common
share of the Company to be issued as a “flow -through share” within the meaning of subsection
66(15) of the Income Tax Act (Canada) (each, a “FT Share”) and one-half of one Warrant. Each
whole Warrant will entitle the holder to purchase one common share of the Company (each, a
“Warrant Share”) at an exercise price of C$0.35 per Warrant Share for a period of 36 months
following the date of issuance.
The gross proceeds from the FT Financing will be used by the Company to incur eligible
“Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms
are defined in the Income Tax Act (Canada), related to the Company’s Foxtrot and Deep Fox
projects in Labrador. The Company also intends that such expenses will be eligible for the Critical
Mineral Exploration Tax Credit. The net proceeds from the Unit Financing will be used by the
Company for working capital and general corporate purposes.
In connection with the Initial Tranche and the Second Tranche, the Company has: (i) paid an
aggregate of C$28,950.00 in cash finder's fees to Red Cloud and Canaccord Genuity Corp.
("Canaccord"); and (ii) issued an aggregate of 107,222 non -transferable common share
purchase warrants (the "Finder's Warrants") to Red Cloud and Canaccord, collectively.
STATUS OF THE FINANCING
The Second Tranche was completed in accordance with all necessary regulatory approvals,
including the acceptance of the TSX Venture Exchange. Together with the Initial Tranche, the
Company has now raised aggregate gross proceeds of C$815,015.90 under the Financing.
Following completion of the Second Tranche, the Unit Financing is fully subscribed at its
increased maximum of C$300,000. The Company expects to close the balance of the Financing
SEARCH MINERALS INC.
T (416) 320-9296 F (604) 608-5717
www.SearchMinerals.com [email protected]
under the FT Financing, of which up to approximately C$285,000 remains available, in one or
more further tranches. There can be no assurance that the balance of the Financing will be
completed, whether in whole or in part, and any subsequent tranche remains subject to the receipt
of all necessary regulatory and other approvals, including the acceptance of the TSX Venture
Exchange.
The Unit Shares, FT Shares and Warrant Shares issued under the Second Tranche are subject
to a hold period expiring December 26, 2026, being four months and one day from the closing
date of the Second Tranche, in accordance with applicable securities laws. The Unit Shares, FT
Shares and Warrant Shares issuable under any subsequent tranche will be subject to a hold
period of four months and one day from the applicable closing date, in accordance with applicable
securities laws.
The securities to be issued pursuant to the Financing have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act”), or any
U.S. state securities laws and may not be offered or sold in the United States absent registration
or an available exemption from the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of such securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
EXTENSION OF FILING DEADLINE
The Company also announces that the TSX Venture Exchange has granted a 30- day extension
of the deadline for filing final documentation in respect of the Financing, from August 24, 2026 to
September 23, 2026, pursuant to Section 1.9 of Policy 4.1 of the TSX V Corporate Finance
Manual. There have been no changes to the terms of the Financing, and the issue prices of
C$0.27 per FT Unit and C$0.235 per Unit remain unchanged.
ABOUT SEARCH MINERALS
Led by a proven management team and board of directors, Search is focused on finding and
developing Critical Rare Earth 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 64 km long and 2 km wide and is road accessible, on tidewater, and
located near 3 local communities. Search has completed a preliminary economic assessment
report with resource estimates for FOXTROT and DEEP FOX. Search is also working on four
exploration prospects along the belt which include: FOX MEADOW , SILVER FOX, FOX
RUN and AWESOME FOX.
Search has continued to optimize its patented Direct Extraction Process technology with the
generous support from the Department of Energy and Mines, Government of Newfoundland and
Labrador, and from the Atlantic Canada Opportunity Agency. Search has compl eted two pilot
plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed
REO concentrate for separation and refining.
SEARCH MINERALS INC.
T (416) 320-9296 F (604) 608-5717
www.SearchMinerals.com [email protected]
All material information on the Company may be found on its website at www.searchminerals.ca
and on SEDAR+ at www.sedarplus.ca.
For further information about Search Minerals, please contact:
Jason Macintosh
Interim CEO
Telephone: 416-320-9296
Email: [email protected]
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-
looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities
legislation. In cer tain cases, Forward-Looking Information can be identified by the use of words and phrases or
variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend",
"forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward -Looking Information in
this news release is based on certain material assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of Search Minerals to be materially
different from any future results, performance or achievements expressed or implied by the Forward-Looking
Information. Such risks and other factors include those factors discussed in Search Minerals' public filings. Although
Search Minerals has attempted to identify important factors that could affect Search Minerals and may cause actual
actions, events or results to differ materially from those described in Forward-Looking Information, there may be other
factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance
that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward- Looking
Information. For further information on these and other risks and uncertainties that may affect the Company's business,
see the Company’s Management's Discussion and Analysis filed with certain Canadian securities regulators, which are
available at www.sedarplus.ca. Except as required by law, Search Minerals does not assume any obligation to release
publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
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.