Search Minerals Receives $1,100,750 From Accelerated Warrant Exercise
Search Minerals Receives $1,100,750 From Accelerated Warrant Exercise
VANCOUVER, British Columbia, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB:
SHCMF) (“Search” or the “Company”) is pleased to announce the Company has received at total of $1,100,750 from the
exercise of 11,007,500 warrants. Each warrant was exercisable into one common share at a price of $0.10, and as announced
in the Company’s press release dated August 18, 2021, the Company had accelerated the expiry date of the warrants to
September 30, 2021. There were 1,492,500 warrants unexercised and which will be cancelled.
Greg Andrews, President/CEO commented: “We truly appreciate the support and confidence of our shareholder base to
exercise these warrants. The funds will be used for general working capital to continue our “Sprint to Production” which
includes the following: 1) costs associated with producing the Q1 2022 Preliminary Economic Assessment Report, 2)
continued environmental baseline studies, and 3) processing the 80t bulk sample of material for our magnetic pilot plant
testing. Our current exploration program is being funding from our $ 2,520,000 flow through funding from March 2021.”
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 proposed exploration
programs described herein, 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
resources to complete the exploration programs and poor exploration results.
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.
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.