Search Minerals Inc. Announces $5,000,000 Non-Brokered Private Placement
Search Minerals Inc. Announces $5,000,000 Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
VANCOUVER, British Columbia, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. ("Search" or the
"Company") (TSXV: SMY | OTCQB: SHCMF) is pleased to announce that the Company is conducting a non-brokered private
placement of up to 20,000,000 flow-through common shares of the Company (the " FT Shares ") at a price of $0.25 per FT
Share for maximum gross proceeds of up to $5,000,000 (the "Offering").
The Company intends to use the proceeds from the Offering to incur eligible Canadian exploration expenses and flow-through
mining expenditures, within the meaning of the Income Tax Act (Canada), on the Company’s projects, including the
Company's Deep Fox project in the Critical Rare Earth Element District of South East Labrador (the “ District”) and other
exploration work in the District.
The Offering is expected to close before December 31, 2021 and is subject to a number of conditions, including receipt of all
necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange (“TSXV”).
In connection with the Offering, the Company may pay finders’ fees to certain arm’s length parties, as permitted by the
policies of the TSXV. All securities issued in connection with the Offering will be subject to a four-month hold period under
applicable securities legislation.
Certain insiders of the Company may participate in the Offering. The participation of Insiders in the Offering will constitute a
“related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). The Company anticipates relying on the exemptions from the formal valuation and minority
approval requirements in Sections 5.5.(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transactions
does not exceed 25% of the Company’s market capitalization.
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 generous support from the
Department of Tourism, Culture, Industry and Innovation, Government of Newfoundland and Labrador,(“InnovateNL”) and from
the Atlantic Canada Opportunity Agency (“ACOA”). 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 more information about
Search, visit www.searchminerals.ca.
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 Note Regarding Forward-Looking Statements : This news release includes certain forward-looking statements
and forward-looking information (together, “forward-looking statements”). All statements other than statements of historical
fact included in this release, including, without limitation, statements regarding the Offering, the use of proceeds from the
Offering, other future plans and objectives of the Company are forward-looking statements. There can be no assurance that
such statements will prove to be accurate and actual results and future events may vary from those anticipated in such
statements. Important risk factors that could cause actual results to differ materially from the Company's plans or
expectations include failure to obtain TSX Venture Exchange acceptance of the Offering, inability to use of proceeds from the
Offering as expected, failure to raise sufficient funds on the proposed terms or at all, and risks associated with mineral
exploration, including the risk that actual results and timing of exploration and development will be different from those
expected by management. The forward-looking statements in this news release were developed based on the assumptions
and expectations of management, including that TSX Venture Exchange acceptance for the Offering will be obtained, the
Company will be able to use the proceeds from the Offering as anticipated, required fundraising will be completed, as well as
the other assumptions disclosed in this news release and that the risks described above will not materialize. The Company
expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as otherwise required by applicable securities legislation.