Search Minerals closes second tranche of non-brokered financing; Appoints Executive Vice President
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VANCOUVER, Sept. 8, 2014 /CNW/ - Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY) is pleased to announce that the Company has closed the second tranche of its $2,000,000 non-brokered private placement financing announced on July 31, 2014 (see: Search Minerals Announces Private Placement, July 31, 2014). The Company issued 5,960,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of $298,000 and aggregate proceeds to date of $713,000. Each Unit is comprised of one common share of the Company and one common share purchase warrant of the Company. Each warrant is exercisable into one additional common share of the Company for a period of 24 months from closing of the private placement at an exercise price of $0.10.
Five Insiders acquired 4,280,000 Units pursuant to the financing. All securities issued at closing are subject to a four month hold period which will expire on January 9, 2014. The Company anticipates completing the third and final tranche in the coming weeks.
The Company also wishes to announce the appointment of Mr. Greg Andrews as Executive Vice President and Corporate Secretary. Mr. Andrews brings over 20 years of private and public company experience in financings and administration.
Jim Clucas states, “We are excited to welcome Greg back to Search Minerals, he is well acquainted with Search and its operations, as he was a consultant to the Company prior to July 2013. Greg will be a welcome addition to the Company for strategic planning, budgeting and corporate development”
About Search Minerals:
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing mineral assets with growing demand and constrained or restricted supply, and with increasing use in innovative technologies.
Search is the discoverer of the Port Hope Simpson REE District, a highly prospective light and heavy REE belt located in southeast Labrador, where the Company controls a dominant land position in a belt 70 km long and up to 8 km wide. In addition, Search holds a number of additional mineral prospects in Newfoundland and Labrador in its portfolio, including claims in the Strange Lake Complex (where Quest Rare Minerals has a Joint Venture with Search); and at the Red Wine Complex (where Great Western Minerals Group has a Joint Venture with Search).
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 of the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and those additional risks set out in Search’s public documents filed on SEDAR at www.sedar.com. Although Search believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Search disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Search Minerals Inc.