VANCOUVER, Nov. 13, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) announces that it has negotiated certain amendments to the Exploration Activity Agreement between the Company and NunatuKavut Community Council Inc. ("NCC") dated August 22, 2012 (the "Agreement").
Under the terms of the amending agreement, NCC has agreed to accept 833,333 common shares of the Company at a deemed issue price of $0.06 per share in settlement of payments owing to NCC under the Agreement in the amount of $50,000. Such shares will be issued concurrently with an additional 100,000 common shares of the Company due for issue under the original terms of the Agreement. This amendment brings Search current with its obligations until August 2015 with the NCC, at which time NCC and Search will revert back to the original Agreement.
The Company has also paid $ 10,000 and will fulfill its obligation for provide bursary funding of $ 3,000, within the next three months, which remains unchanged from the Original Agreement.
Jim Clucas says "This is very significant and Search is very appreciative that the NCC has shown faith in the future of the Company while being sensitive to Search's cash conservation program at the present time."
The issuance of the shares to NCC is subject to approval of the TSX Venture Exchange. All shares issued under the Agreement, as amended, will be subject to a four month hold period which will expire on the date that is four from the date of issue.
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.
SOURCE: Search Minerals Inc.
For further information: James (Jim) Clucas, Interim President & Chief Executive Officer, T: 604-998-3432, M: 604-671-5450, E: [email protected]; Todd Russell, President, NunatuKavut Community Council, T: 709 896 0592 Ext. 222, E: [email protected]