This article has been disseminated on behalf of Search Minerals Inc. (TSX.V: SMY) (OTC: SHCMF) and may include paid advertising.
Search Minerals (TSX.V: SMY) (OTC: SHCMF) said it entered a transaction with LeadFX Inc. to settle $404,053.73 of outstanding debt through the issuance of 808,107 common shares at a deemed price of $0.50 per share. The Company said completing the Shares-for-Debt transaction, rather than proceeding with a previously planned unsecured convertible loan, will preserve cash and strengthen its balance sheet. The shares will carry a four-month-and-one-day statutory hold period. Because LeadFX is a related party, the transaction falls under MI 61-101, though Search said it qualifies for exemptions from the formal valuation and minority approval requirements since the fair market value of shares issued does not exceed 25% of its market capitalization. The Company said no new control person will be created.
To view the full press release, visit https://ibn.fm/S3raI
About Search Minerals
Search Minerals is focused on exploring for and developing Critical Rare Earths Elements (CREE) as well as transition metals Zirconium (Zr) and Hafnium (Hf) within the emerging Port Hope Simpson – St. Lewis CREE District of South-East Labrador. The Company controls two deposits (Foxtrot and Deep Fox), two drill ready prospects (Fox Meadow and Silver Fox) and numerous other CREE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64 kilometre long belt forming a CREE District in Labrador.
Search Minerals also controls additional CREE assets in the Red Wine CREE District of central Labrador. These include: the drill ready Two Tom Lake CREE-Be-Nb deposit, the Mann #1 CREE-Nb-Be prospect and Merlot CREE Prospect.
NOTE TO INVESTORS: The latest news and updates relating to SHCMF are available in the company’s newsroom at https://ibn.fm/SHCMF
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