VANCOUVER,
July 31, 2014 /PRNewswire/ - Search
Minerals Inc. ("Search" or the "Company") (TSXV: SMY)
is pleased to announce a non-brokered private placement (the
"Financing") pursuant to which the Company will issue up to
40,000,000 units at a price of $0.05
per unit, to raise gross proceeds of up to $2,000,000.
Each unit will consist of one common share of
the Company and one common share purchase warrant of the Company.
Each warrant will entitle the holder to acquire an additional
common share of Search for a period of two years following the date
of issuance of the unit at a price of $0.10 per share.
A Control Person (as that term is defined under
the policies of the TSX Venture Exchange) of the Company and
certain directors and officers of the Company may acquire units
pursuant to the Financing.
The Company will use the proceeds from the
Financing as follows:
- to advance the larger scale testing and optimization of the
Company's simplified metallurgical processing technology (patent
pending) with SGS Canada scheduled for Q3 2014 (see "Search
Minerals Announces Metallurgical Breakthrough For Rare Earth
Recovery, July 22, 3014");
- to maintain its rare earth properties in the Port Hope Simpson
REE District;
- to advance discussions with refining partners; and
- for general working capital.
Completion of the Financing is subject to the
approval of the TSX Venture Exchange. No finder's fees or
commissions are payable in connection with the financing.
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 Search).
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.