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VANCOUVER, Aug. 27, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) is pleased to announce that the Company has closed the
first tranche of its non-brokered private placement financing announced
on July 31, 2014. (see: Search Minerals Announces Private Placement, July 31, 2014). The Company issued 8,300,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $415,000. 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
An Insider acquired 4,000,000 Units at the closing. All securities
issued at closing are subject to a four month hold period which will
expire on December 28, 2014. The Company anticipates completing the
balance of the financing in the coming weeks.
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
All material information on the Company may be found on its website at
searchminerals.ca and on SEDAR 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.
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.