TORONTO, Feb. 18, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) is pleased to announce that the TSX Venture Exchange ("TSXV") has approved the Company's application to settle an aggregate of
$121,250 of indebtedness owed to certain directors and officers of the
Company through the issuance of an aggregate of 1,732,412common shares (the "Shares") at a deemed issuance price of $0.07 per common share (see "Search Minerals Announces Closing of Non-Brokered Financing, Issuance of
Shares-for-Debt, and Warrant Extension Application", February 10, 2014). The Shares were issued on February 14, 2014. All
Shares issued in connection with the shares for debt transaction are
subject to a four-month statutory hold period.
APPROVAL OF WARRANT EXTENSION
Furthermore, the Company announces that the TSXV has approved the
Company's application to extend the expiry date of 25,400,000 issued
and outstanding common share purchase warrants (the "Warrants") in accordance with TSXV Policy 4.1 (see "Search Minerals Announces Closing of Non-Brokered Financing, Issuance of
Shares-for-Debt, and Warrant Extension Application", February 10, 2014).
The Warrants were originally issued by the Company on March 21, 2013 and
October 16, 2012. The Warrants are exercisable at prices of $0.10 and
$0.20 per common share, respectively, and were set to expire on March
21, 2014 and April 16, 2014, respectively. Further to the Company's
extension application, the TSXV has agreed, in accordance with TSXV
Policy 4.1, to permit the term of the Warrants to be extended as
|Number of |
||$0.10||March 21, 2013||
||March 21, 2014||
||March 21, 2015|
||$0.20||October 16, 2012||
|April 16, 2014||
|April 16, 2015|
The exercise prices of the Warrants remain unchanged.
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. The Company
is actively pursuing opportunities and partnerships in critical metals,
including, but not limited to, tin, tungsten, dysprosium and neodymium,
prioritizing projects that can be partnered, funded and developed in a
relatively short period of time, in strategic, friendly jurisdictions.
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 135 km
long and up to 12 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
All material information on the Company may be found on its website at
www.searchminerals.ca and at sedar.com.
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.
SOURCE Search Minerals Inc.