VANCOUVER, British Columbia, July 20, 2022 (GLOBE NEWSWIRE) — Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Look for“or the”Company”), is pleased to announce the exercise of 15,364,015 previously issued common stock purchase warrants of the Company (the “Mandates”) at an exercise price of $0.07 per warrant in July 2022 for aggregate gross proceeds of $1,075,481. Each warrant was exercisable into one common share of the Company until July 12, 2022, as further detailed in the Company’s press release dated April 30, 2020, and a total of 654,669 warrants not exercised have now expired.
The Company intends to use the proceeds from the exercise of the Warrants for general working capital purposes.
About Search Minerals Inc.
Led by a proven management team and Board of Directors, Search is focused on finding and developing Critical Rare Earth Element (CREE), Zirconium (Zr) and Hafnium (Hf) resources in the Emerging District. from Port Hope Simpson – St. Lewis CREE from the southeast. Labrador. The Company controls a belt 63 km long and 2 km wide and is accessible by road, over the tide, and located in 3 local communities. Search has completed a preliminary economic assessment report for FOXTROTand a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt, including: FOX MEADOW, SILVER FOX and AWESOME FOX.
Search continued to optimize its proprietary direct extraction process technology with support from the Government of Newfoundland and Labrador’s Department of Industry, Energy and Technology and the economy of Atlantic Canada. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed rare earth concentrate for separation and refining. We also acknowledge the Government of Newfoundland and Labrador’s continued support of its junior exploration program.
Search Minerals has been selected to participate in the Government of Canada’s Accelerated Growth Service (“AGS”), which supports high-growth businesses. AGS, as a “one-stop-shop” model, provides Search with coordinated access to Government of Canada resources as Search continues to rapidly transition to production and help establish a North-Eastern supply chain. American and European stable and secure in rare earth elements.
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.
Caution regarding “forward-looking” statements:
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. These forward-looking statements include, but are not limited to: statements regarding the Company’s intended use of the product. These statements are based on information currently available to the Company and the Company does not guarantee that actual results will meet management’s expectations. In some instances, forward-looking information may be identified by terms such as “plans”, “believes”, “could”, “estimates”, “expects”, “may”, “should”, “will” or “would do”. “.
The forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, changes in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, progress of exploration and development activities, receipt of necessary regulatory approvals and assumptions regarding environmental risks, title litigation or claims, and other similar matters.
Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include: changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of minerals, unexpected changes in key management personnel and general economic conditions. In addition, mining exploration and development are inherently risky activities. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that could affect the Company’s forward-looking statements. Reference should be made to the Company’s public documents available under its profile on www.sedar.com for other risk factors.
These and other factors should be carefully considered and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company, except in accordance with applicable securities laws.