ENP Newswire - 20 February 2014
Release date- 19022014 - TORONTO - Search Minerals Inc. (TSXV: SMY) is pleased to announce that the TSX Venture Exchange 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 1,732,412 common shares at a deemed issuance price of$0.07 per common share.
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.
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.
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 Search).
President & Chief Executive Officer
Search Minerals Inc.