Search Minerals Inc. (TSX-V: SMY) (OTCQB: SHCMF) is pleased to announce the Company has received at total of $1,100,750 from the exercise of 11,007,500 warrants. Each warrant was exercisable into one common share at a price of $0.10, and as announced in the Company’s press release dated August 18, 2021, the Company had accelerated the expiry date of the warrants to September 30, 2021. There were 1,492,500 warrants unexercised and which will be cancelled.
Greg Andrews, President/CEO commented: “We truly appreciate the support and confidence of our shareholder base to exercise these warrants. The funds will be used for general working capital to continue our “Sprint to Production” which includes the following: 1) costs associated with producing the Q1 2022 Preliminary Economic Assessment Report, 2) continued environmental baseline studies, and 3) processing the 80t bulk sample of material for our magnetic pilot plant testing. Our current exploration program is being funding from our $ 2,520,000 flow through funding from March 2021.”
About Search Minerals Inc.
Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT, and a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX.
Search has continued to optimize our patented Direct Extraction Process technology with the generous support from the Department of Tourism, Culture, Industry and Innovation, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.
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We acknowledge the [financial] support of the Government of Canada.