Search Minerals Completes Financing
Search Minerals Completes Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
VANCOUVER, British Columbia, Jan. 27, 2022 -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the
“Company”), is pleased to announce that, further to its news release dated December 23, 2021, it has closed the second and
final tranche (the “Second Tranche ”) of its non-brokered private placement (the “Private Placement ”). The Private Placement
raised a total aggregate gross proceeds of $6,322,239.
Under the Second Tranche, the Company issued 120,000 flow-through common shares of the Company (the “FT Shares”) at a
price of $0.25 per FT Share (the “FT Offering”), and 5,495,777 units of the Company (the “Units”) at a price of $0.18 per Unit
(the “Unit Offering ”) for aggregate gross proceeds of $1,019,239.86. Each Unit consists of one common share (each, a
“Share ”) and one common share purchase warrant (a " Warrant ") in the capital of the Company. Each Warrant entitles the
holder to purchase one additional common share (a "Warrant Share ") of the Company for a period of 24 months from the date
of issue at an exercise price of $0.25 per Warrant Share, subject to adjustment pursuant to the terms of the Warrant.
The Company intends to use the proceeds from the FT Offering to incur eligible Canadian Exploration Expenses and flow-
through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers
with an effective date of no later than December 31, 2022. The Company intents to use the proceeds from the Unit Offering for
general working capital purposes.
All securities issued pursuant to the Second Tranche are subject to a statutory four-month hold period expiring on May 28,
2022. The Private Placement is subject to receipt of final 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 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 preliminary economic assessment report for FOXTROT, and
a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX
MEADOW, SILVER FOX and AWESOME FOX.
Search has continued to optimize our patented Direct Extraction Process technology with the generous support from the
Department of Tourism, Culture, Industry and Innovation, Government of Newfoundland and Labrador, and from the Atlantic
Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth
carbonate concentrate and mixed REO concentrate for separation and refining.
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.
Cautionary Statement Regarding “Forward-Looking” Statements:
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the
applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release includes information about the Company’s closing of the Private
Placement, and the timing thereof, the anticipated use of proceeds, and other forward-looking information. Factors that could
cause actual results to differ materially from those described in such forward-looking information include, but are not limited
to, the inability to obtain the necessary Exchange approvals to complete the Private Placement or to apply the proceeds of the
Private Placement as anticipated by management.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the
Company based on information currently available to the Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions about the Company's financial condition and
development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory
approvals, including Exchange approval, for the Private Placement.
Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-
looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-
looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking
statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is
contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.