Search Minerals Signs Binding Letter Agreement for Additional Property in Labrador
June 17 2021 - 5:05AM
Search Minerals Inc. (“Search” or the “Company”) (TSXV:
SMY), is pleased to announce that it has signed a binding
letter agreement (the “
Letter Agreement” ) with
Roland Quinlan and Eddie Quinlan (collectively, the
“
Vendors”) for an option (the
“
Option”) to acquire an undivided 100% interest in
and to certain claims owned by the Vendors known as the Mann#1, and
another claim proximal to Two Tom Lake, (the
“
Property”).
In order to maintain and exercise the Option,
Search is required to make cash payments to the Vendors totalling
$200,000 and issue 1,600,000 common shares (the
“Shares”) in accordance with the following
schedule:
Cash Payments
$20,000 on the date the TSX Venture Exchange accepts the Letter
Agreement for filing (the “Acceptance
Date”);$30,000 before the first anniversary of the
Acceptance Date; $60,000 before the second anniversary of the
Acceptance Date;$60,000 before the third anniversary of the
Acceptance Date; and$30,000 before the fourth anniversary of the
Acceptance Date.
Share Issuances
400,000 Shares on the Acceptance Date;400,000 Shares before the
first anniversary of the Acceptance Date;400,000 Shares before the
second anniversary of the Acceptance Date; 300,000 Shares before
the third anniversary of the Acceptance Date; and100,000 Shares
before the fourth anniversary of the Acceptance Date.
Search will grant the Vendors a 3.0% Net Smelter Return Royalty
(“NSR”) on the Property. Search will have the right to purchase
2.5% of the NSR at any time for $2,000,000
The Property consists of two licenses, 027380M
(4 claims) and 027384M (20 claims), totalling 24 claims, that equal
6 square kilometres (600 ha.). License 027380M encompasses the Mann
#1 Be-Nb-REE mineralized zone. License 027384M is proximal to the
Two Tom Lake Be-Nb-REE resource. The acquisition of these two
properties further enhances the Company’s strong position in the
Red Wine REE (Rare Metal) District in west-central Labrador.
No finder’s fee was payable in connection with
the Letter Agreement, and the Letter Agreement is subject to TSX
Venture Exchange acceptance.
For further information, please
contact:
Greg AndrewsPresident and CEOTel:
604-998-3432E-mail: info@searchminerals.ca
About Search Minerals Inc.
Led by a proven management team and board of
directors, Search is focused on finding and developing resources
within the emerging Critical Rare Earth Element (“CREE”) District
of South East Labrador. The Company controls a belt 63 km long and
2 km wide including its 100% interest in the
FOXTROT and DEEP FOX Projects,
which are road accessible and at tidewater. Exploration efforts
have advanced FOX MEADOW, AWESOME FOX and
SILVER FOX as new CREE prospects very similar to
and in close proximity to FOXTROT and DEEP
FOX.
Search has continued to optimize our patented
Direct Extraction Process technology with the generous support from
the Department of Tourism, Culture, Industry and Innovation,
Government of Newfoundland and Labrador, and from the Atlantic
Canada Opportunity Agency. We have completed two pilot plant
operations and produced highly purified mixed rare earth carbonate
concentrate and mixed REO concentrate for separation and
refining.
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.
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