Search Minerals Receives $1,100,750 From Accelerated Warrant Exercise
October 05 2021 - 5:00AM
Search Minerals Inc. (TSXV:
SMY | OTCQB: SHCMF) (“
Search” or
the “
Company”) is pleased to announce the Company
has received at total of $1,100,750 from the exercise of 11,007,500
warrants. Each warrant was exercisable into one common share at a
price of $0.10, and as announced in the Company’s press release
dated August 18, 2021, the Company had accelerated the expiry date
of the warrants to September 30, 2021. There were 1,492,500
warrants unexercised and which will be cancelled.
Greg Andrews, President/CEO commented: “We truly
appreciate the support and confidence of our shareholder base to
exercise these warrants. The funds will be used for general working
capital to continue our “Sprint to Production” which includes the
following: 1) costs associated with producing the Q1 2022
Preliminary Economic Assessment Report, 2) continued environmental
baseline studies, and 3) processing the 80t bulk sample of material
for our magnetic pilot plant testing. Our current exploration
program is being funding from our $ 2,520,000 flow through funding
from March 2021.”
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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