VANCOUVER, Oct. 20, 2016 /CNW/ - (TSXV: SMY)
Search Minerals Inc. ("Search" or the
"Company") reports that it has completed the shares for debt
transaction originally announced on October
4, 2016 (the "Shares for Debt Transaction"), after
receiving the approval of the TSX Venture Exchange to settle
indebtedness with the NunatuKavut Community Council Inc.
("NCC").
The Company issued 357,143 units of the Company (the
"Units") at a deemed issue price of $0.07 per Unit in settlement of payments owing to
NCC in the amount of $25,000 (the
"Debt"). Each Unit will consist of one common share of the
Company (a "Share") and one common share purchase warrant of
the Company (a "Warrant"). Each Warrant will entitle the
holder to purchase one additional Share (a "Warrant Share")
at a price of $0.14 per Warrant Share
for a period of twelve months.
The Units were issued concurrently with an additional 50,000
Shares due for issue under the original terms of exploration
activity agreement between the Company and NCC dated August 22, 2012 (the "Agreement").
All securities issued in connection with the Shares for Debt
Transaction and under the Agreement will be subject to a statutory
hold period of four months plus a day from the date of issuance in
accordance with applicable securities law legislation.
About Search Minerals Inc.
Led by a proven management team and board of directors, Search
is focused on finding and developing resources within the emerging
Port Hope Simpson Critical Rare Earth Element (CREE) District of
SE Labrador. The Company controls
a belt 70 km long and 8 km wide including its 100% interest in the
FOXTROT Project which is road accessible and at tidewater.
Exploration efforts have advanced "Deepwater Fox" and "Fox Meadow"
as significant new CREE prospects very similar and in close
proximity to the FOXTROT discovery. While the Company has
identified more than 20 other prospects in the District, its
primary objective remains development of FOXTROT by confirming
proprietary processing technology at the pilot plant level (in
progress) and delineation of prospects that will ensure
competitive-low cost production beyond the 14-year mine life
contemplated in the preliminary economic assessment of FOXTROT
completed in April 2016. The FOXTROT Project has a low
capital cost to bring the initial project into production
($152 M), a short payback period, and
is scalable due to Search's proprietary processing technology.
All material information on the Company may be found on its
website at www.searchminerals.ca and on SEDAR at
www.sedar.com
About NunatuKavut Community Council
The NunatuKavut Community Council (NCC) is the representative
governing body for approximately 6,000 Inuit of south and central
Labrador, collectively known as
the Southern Inuit of NunatuKavut. NunatuKavut means "Our Ancient
Land" in Inuktitut and is the traditional territory of the Southern
Inuit.
About
CREE's
Identified as
Neodymium (Nd), Europium (Eu), Terbium (Tb), Dysprosium (Dy) and
Yttrium (Y) this valuable subset of the complete series of
seventeen rare earth elements is considered critical due to high
demand and/or constrained domestic supply. Containing unique
properties which enhance the performance of a range of innovative
technologies, CREE's are essential components in the development of
permanent magnets and a variety of other components used in
renewable energy, green technology automobiles, medical devices,
electronics and agricultural production.
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 for the adequacy or
accuracy of this release.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release includes certain "forward-looking information"
and "forward-looking statements" (collectively "forward-looking
statements") within the meaning of applicable Canadian and
United States securities
legislation including the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical fact, included herein, without limitation,
statements relating the future operating or financial performance
of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results
"will", "may", "could", or "should" occur or be achieved.
Forward-looking statements in this news release relate to, among
other things future events or the Company's future performance,
business prospects or opportunities. Actual future results may
differ materially. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable by the respective parties, are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors,
both known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation, 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 of 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.
SOURCE Search Minerals Inc.