Search Minerals Announces Amended Terms for Non-Brokered Private Placement Financings

Executive Summary

• Search Minerals Inc. amended its previously announced non‑brokered private placement, increasing the hard‑dollar share price to $0.33 and adding a charity flow‑through unit component at $0.50 per unit, for total gross proceeds of up to $993,847.
• The flow‑through financing ($743,847) will be used for eligible Canadian exploration expenses on the Foxtrot and Deep Fox projects, targeting Critical Mineral Exploration Tax Credit eligibility.
• The hard‑dollar share financing ($250,000) is earmarked for working capital and general corporate purposes.

Key Details

• Amended Pricing:
• Hard‑dollar private placement price raised from $0.25 to $0.33 per share.
• Financing Structure:
• Charity Flow‑Through Unit (FT) Financing: Up to 1,487,694 FT Units at $0.50 per unit, gross proceeds up to $743,847.
  • Each FT Unit = 1 flow‑through common share + ½ transferable non‑flow‑through common share purchase warrant.
  • Warrants exercisable at $0.65 for one non‑flow‑through common share, valid for 24 months from issuance.
• Hard‑Dollar Share Financing: Up to 757,576 common shares at $0.33 per share, gross proceeds up to $250,000.
• Use of Proceeds:
• FT Financing → eligible Canadian exploration expenses (Foxtrot & Deep Fox projects) and pursuit of the Critical Mineral Exploration Tax Credit.
• Share Financing → working capital and general corporate purposes.
• Regulatory Conditions: Completion subject to required approvals, including TSX Venture Exchange acceptance; no assurance that financing will be fully completed.
• Holding Period: All securities issued (FT Shares, Warrants, Offered Shares) subject to a four‑month‑plus‑one‑day hold period from closing date per securities law requirements.
• U.S. Securities Law Disclaimer: Securities not registered under the U.S. Securities Act; cannot be offered or sold in the United States absent exemption or registration.

Notable Quotes

(No direct quotes were provided in the release.)