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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 of $1,200,000.
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 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 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.
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
E: [email protected]