Welcome!

News Feed Item

Search Announces Non-Brokered Private Placement and Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/20/17 -- Search Minerals Inc. (TSX VENTURE:SMY) ("Search" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") of up to 34,000,000 units (the "Units") at $0.09 per Unit for gross proceeds of up to $3,060,000. Each Unit will consist of one common share in the authorized share structure of the Company and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company (a "Warrant Share") at a price of $0.18 per Warrant Share for a period of twelve months from the closing of the Private Placement.

The Company will use the proceeds from the Private Placement to complete a drilling program on the Deep Fox prospect (formerly called Deepwater Fox), to complete the environmental assessment applications and for general working capital requirements. The proceeds will be allocated as 1) $ 1,000,000 for the environmental application process and general working capital, and 2) up to $ 2,060,000 will be used for the Deep Fox drill program and other exploration in the District.

Greg Andrews, President/CEO states: "Completion of metallurgical testing necessarily consumed much of our financial resources and management time. Also, Search was very focused on reaching settlement agreements with creditors, prior to our November 2016 audit year end, which reduced the majority of the corporate debt off the balance sheet. With a stronger balance sheet and the successful metallurgy, Search believes it is the right time to validate the District with the Deep Fox drill program. Dr. Randy Miller, Vice-President, Exploration, will use the Foxtrot-like geological model, developed from the Foxtrot resource drilling programs, to plan an efficient and cost effective drill program at Deep Fox. Since Deep Fox is a Foxtrot-like prospect, we expect the geology and mineralization there to fit the model. The funds from this private placement will be used to advance important and complementary aspects of our overall strategic plan in the following key areas as follows."

Drilling the Deep Fox Prospect - For some time Search has been pointing to the upside potential of this prospect (previously called Deepwater Fox). A substantial drilling program is planned for the coming 2017 field season. This is viewed as the most credible means of validating the Port Hope Simpson CREE district concept and the most immediate opportunity to create value for our shareholders. The 2015 Channel program (See Search News Release - dated October 15, 2015 - Search Minerals announces expansion of the Deepwater Fox "Critical REE" prospect in the Port Hope Simpson REE District") outlines a similar strike length to Foxtrot but increased widths up to 30m and containing up to 15% higher grades from our key rare earth elements.

Refinery and Partnership Opportunities - With laboratory results and a REE oxide concentrate in hand, Search can now provide samples and specifications to existing refineries and other new separation technology companies for possible tolling or partnership arrangements. We also expect this to positively impact on our ability to make supply chain inroads with manufacturers who consume rare earth elements and advance discussions with potential partners.

Narrowing Our Refining Options - Separation costs are a significant portion of the overall cost of the Foxtrot Project. In its December 2016 report, Rare Earth Market Outlook: Supply, Demand and pricing for 2016 to 2025, Adamas Intelligence of Sudbury, Ontario estimated that traditional Rare Earth Element refineries are operating at an average of 38% capacity. This, coupled with advancement of many new technologies, provides Search with an opportunity to realize significant savings over the estimates used in our current Preliminary Economic Assessment report (April 2016). In parallel with establishing pricing with conventional refiners in France, China and elsewhere, Search will invest in the process of narrowing the field of new processing options that show the greatest potential and best align with our development plans.

Advancing the Environmental Assessment Process - In October 2016, Search announced the engagement of Allnorth to commence the preparation of registration documents for both the provincial and federal environmental regulators. Draft documents have been submitted to both the Government of NL and the Government of Canada for their comments.

Appointment of Dr. Andrew Furey to Advisory Board

Dr. Andrew Furey has agreed to join the Search Advisory Board. A graduate of Memorial University's School of Medicine and now a faculty member, Dr. Furey is a practicing orthopedic surgeon and researcher with numerous publications to his credit, a recognized innovator and Founder and CEO of Team Broken Earth, a Canadian charity that has received accolades for its can-do approach in responding to primary health care and health education needs in impoverished and disaster-stricken areas worldwide. Dr. Furey also holds a Diploma in Organizational Leadership from Oxford University: SAID School of Business and included among his many awards are two recognitions as one of Atlantic Canadas Top CEOs. Dr. Furey is currently a director of Canada Fluorspar Inc.

Annual General Meeting

The Annual General meeting has been announced for May 18, 2017 at 10am in Vancouver, B.C. The slate of directors to be named include the existing directors and the addition of two new directors, Greg Andrews, the President/CEO of Search Minerals and Dr. Andrew Furey.

A Control Person (as that term is defined under the policies of the TSX Venture Exchange) of the Company and certain directors and officers of the Company may acquire units pursuant to the Private Placement.

Closing of the Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.

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 South East Labrador (the "District"). 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 "Deep Fox" and "Fox Meadow" as significant new CREE prospects very similar and in close proximity to the original FOXTROT discovery. While the Company has identified more than 20 other prospects in the District, its primary objective remains development of FOXTROT with the clearly demonstrated success of the proprietary processing technology at the pilot plant level 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. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment includes the results of an economic analysis of mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at www.sedar.com.

About neo-CREOs ( Adamas Intelligence - December 2016)

We consider neodymium, praseodymium, and dysprosium to be neo-CREOs and they are vital to NdFeB magnets used widely in renewable power generation, electric mobility, and energy-efficient technologies. We consider terbium to be a neo-CREO because upon experiencing shortages of dysprosium, consumers in the magnet industry will rapidly consume available terbium supplies in its place for applications involving renewable power generation, electric mobility and energy efficient technologies. Lanthanum is considered a neo-CREO because it is widely used in catalytic converters and rechargeable batteries, and will be increasingly used as a thermal stabilizer by producers of poly-vinyl chloride (PVC) to minimize lead consumption and improve the energy efficiency of PVC and other processing equipment.

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.

Not for distribution to U.S. Newswire Services of for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

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, completion of the Private Placement. 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, the risk that the Company is not able to find suitable investors for the Private Placement or does not receive the approval of the TSX Venture Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

Contacts:
Search Minerals Inc.
Greg Andrews
President and CEO
604-998-3432
[email protected]

Paul Snow
Investor Relations
709-753-0794
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices t...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...