Search Minerals Announces Acceleration of Warrants and Grant of Options
August 18 2021 - 2:37PM
Search Minerals Inc. (TSXV:
SMY | OTCQB: SHCMF) (“
Search” or
the “
Company”) is pleased to announce that the
Company has elected to accelerate the expiry date of certain
warrants. On March 11, 2021, the Company issued a total of
12,500,000 warrants (the “
Warrants”) which are
exercisable at $0.10 per share until March 11, 2022. As previously
announced, the Warrants contained a provision that allows the
Company to accelerate the expiry date of the Warrants if the
closing price of the Company’s shares on the TSX Venture Exchange
is greater than $0.14 for a period of twenty consecutive trading
days. As the Company’s shares have closed at higher than $0.14
since June 4, 2021, the Company is now providing notice by way of
this press release to all the remaining holders of the Warrants
that the expiry date for the Warrants will now be September 30,
2021. The Company will also provide written notice directly to all
the Warrant holders of the early expiration date. There are
10,820,000 Warrants that are remaining and subject to the early
expiration date. If all warrants are exercised, proceeds of
$1,082,000 would be realized.
In addition, the Company announces that is has
issued a total of 8,930,000 stock options to its directors,
officers, employees and consultants. All the stock options will be
exercisable for a period of five years at an exercise price of
$0.20. Of the total number of stock options granted 7,050,000
options were granted to directors and senior officers of the
Company.
About Search Minerals Inc.
Led by a proven management team and board of
directors, Search is focused on finding and developing Critical
Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf)
resources within the emerging Port Hope Simpson – St. Lewis CREE
District of South East Labrador. The Company controls a belt 63 km
long and 2 km wide and is road accessible, on tidewater, and
located within 3 local communities. Search has completed a
preliminary economic assessment report for
FOXTROT, and a resource estimate for DEEP
FOX. Search is also working on three exploration prospects
along the belt which include: FOX MEADOW, SILVER
FOX and AWESOME 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.
For further information, please
contact:
Greg AndrewsPresident and CEOTel:
604-998-3432E-mail: info@searchminerals.ca
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” Statements:
Except for the statements of historical fact,
this news release contains "forward-looking information" within the
meaning of the applicable Canadian securities legislation that is
based on expectations, estimates and projections as at the date of
this news release. "Forward-looking information" in this news
release includes information about the Company’s proposed
exploration programs described herein, and other forward-looking
information. Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to, the inability to obtain the
necessary resources to complete the exploration programs and poor
exploration results.
The forward-looking information in this news
release reflects the current expectations, assumptions and/or
beliefs of the Company based on information currently available to
the Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions
about the Company's financial condition and development plans do
not change as a result of unforeseen events, and that the Company
will receive all required regulatory approvals,.
Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein. The
Company does not assume any obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements, unless and until required by applicable securities
laws. Additional information identifying risks and uncertainties is
contained in the Company's filings with the Canadian securities
regulators, which filings are available at www.sedar.com.
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