VANCOUVER, Dec. 18, 2015 /CNW/ - (TSXV: SMY)
Search Minerals Inc. ("Search" or the
"Company") reports that it has completed the shares for debt
transaction originally announced on December
3, 2015 (the "Shares for Debt Transaction"), after
receiving the approval of the TSX Venture Exchange to settle
indebtedness with certain creditors of the Company.
Pursuant to the Shares for Debt Transaction, the Company has
issued 617,143 common shares of the Company ("Shares") at a
deemed price of $0.07 per Share to
settle debt in the amount of $43,200,
and an additional $19,465.77 was paid
to a creditor in cash.
All securities issued in connection with the Shares for Debt
Transaction will be subject to a statutory hold period of four
months plus a day from the date of issuance in accordance with
applicable securities law legislation.
About Search
Search is a TSX Venture Exchange listed company focused on
creating value through finding and developing "critical rare earth
element ("CREE")" mineral assets in Labrador. CREEs (Nd, Eu, Tb, Dy, Y) have
growing demand, constrained or restricted supply and are commonly
used in innovative technologies.
Search is the discoverer of the Port Hope Simpson CREE District,
a highly prospective CREE belt located in southeast Labrador, where the Company controls a belt 70
km long and up to 8 km wide. Search owns 100% of the advanced CREE
resource called the Foxtrot Project ("Foxtrot"), and a
recently announced Foxtrot-like prospect called "Deepwater Fox". In
addition, the Company has identified more than 20 other
Foxtrot-like prospects in the District. The primary focus of Search
is to continue to advance the Foxtrot resource, while evaluating
other Foxtrot-like prospects. Several of the Foxtrot-like prospects
require exploration drilling programs and may provide additional
resources to a central processing facility that would be situated
within the District.
In addition, Search holds a number of other CREE mineral
prospects in Labrador in its
portfolio, including claims in the Red Wine Complex, in the Henley
Harbour area.
Search is led by a management team and board of directors with
proven track records in the mining industry. The Company also has
experienced geological and metallurgical teams led by Dr.
Randy Miller and Dr. David Dreisinger, respectively.
All material information on the Company may be found on its
website at www.searchminerals.ca and on SEDAR at www.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 for 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. These forward looking statements relate to future
events or the Company's future performance, business prospects or
opportunities, including the completion of the Shares for Debt
Transaction. 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 of 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 disclaims 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.