/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, March 21, 2013 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) is pleased to announce the closing of its previously
announced non-brokered financing pursuant to which the Company issued
24,000,000 units at a price of $0.05 per Unit, to raise gross proceeds
Each unit consists 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
one year following the date of issuance of the unit at a price of $0.10
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 acquired units pursuant to the financing.
The proceeds from the financing will be used for general working capital
purposes. Completion of the financing is subject to the approval of
the TSX Venture Exchange. All securities issued pursuant to the
financing will be subject to a four month resale restriction expiring
on July 22, 2013. 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, headquartered in Vancouver, B.C. 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 135 km long and up to 12 km wide.
In addition, Search has a number of other mineral prospects in its
portfolio located in Newfoundland and Labrador, including a number of
claims in the Strange Lake Complex, where Quest Rare Minerals has a
Joint Venture with the Company and at the Red Wine Complex, where Great
Western Minerals Group has a Joint Venture with the Company.
Furthermore, Search Minerals is the owner of patents relating to the
Starved Acid Leaching Technology ("SALT"), a process with the potential
to economically recover nickel and cobalt from known deposits currently
considered sub economic.
Search Minerals 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 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.
This news release contains forward-looking statements 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. Factors
that could cause actual results to differ materially from these
forward-looking statements include those 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 disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE: Search Minerals Inc.
For further information:
President & Chief Executive Officer