- Search Minerals (SMY) has closed the first tranche of a $15,000,000 non-brokered private placement
- The company issued 18,540,000 flow-through common shares and 3,711,113 units for aggregate gross proceeds of $5,303,000
- Search Minerals anticipates closing the approximately $9.7 million remaining under the private placement under one or more additional tranches in the near future
- Search Minerals is a mineral exploration company focused on developing critical rare earths elements
- Search Minerals Inc. (SMY) opened trading at C$0.19 per share
Search Minerals (SMY) has closed the first tranche of a $15,000,000 non-brokered private placement.
The company issued 18,540,000 flow-through common shares and 3,711,113 units for aggregate gross proceeds of $5,303,000.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of 24 months at an exercise price of $0.25 per warrant share.
The company has agreed to pay finder’s fees consisting of a cash fee totalling $281,130 and 1,141,833 non-transferable finder’s warrants.
All securities issued are subject to a statutory four-month hold period expiring on April 23, 2022.
Search Minerals anticipates closing the approximately $9.7 million remaining under the private placement under one or more additional tranches in the near future.
Search Minerals is focused on developing critical rare earth elements, Zirconium (Zr) and Hafnium (Hf) within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador.
Search Minerals Inc. (SMY) opened trading at C$0.19 per share.