VANCOUVER, Dec. 5, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) announces that it has issued an aggregate of 933,333 common shares of the Company to the NunatuKavut Community Council Inc. ("NCC") pursuant to the Exploration Activity Agreement between the Company and the NCC dated August 22, 2012 (the "Agreement").
An aggregate of 833,333 common shares of the Company were issued 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. An additional 100,000 common shares of the Company were issued under the original terms of the Agreement.
All shares issued are subject to a four month hold period which will expire on March 27, 2015.
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).
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: 604-608-5717, E: [email protected]