Search Minerals to settle $395K debt via share issuance

Executive Summary

• Search Minerals Inc. has entered into transactions to settle aggregate indebtedness of $395,496 by issuing 790,992 common shares at a deemed price of $0.50 per share.
• The company also announced the completion of a previous transaction with creditor LeadFX, settling $404,054 in debt through the issuance of 808,107 common shares, which were issued on December 1, 2025.
• These share-for-debt transactions are intended to preserve cash and strengthen the company's balance sheet, with the LeadFX debt now fully extinguished.

Key Details

• New Debt Settlement:
  • Total Debt Settled: $395,496.
  • Shares Issued: 790,992 common shares.
  • Deemed Price: $0.50 per share.
  • Creditors: Dr. Randy Miller, PhD, PGeo; Longpoint Energy Group Inc.; and JCL Consulting Group.
  • Purpose: To preserve cash and strengthen the balance sheet.
  • Hold Period: Shares are subject to a statutory hold period of four months and one day from issuance.
• LeadFX Debt Settlement (Completed):
  • Total Debt Settled: $404,054.
  • Shares Issued: 808,107 common shares.
  • Issuance Date: December 1, 2025.
  • Status: Debt is settled and extinguished.
  • Hold Period: Shares subject to a four-month hold period.
  • Regulatory Approval: TSX Venture Exchange approval received.
• Related Party Transactions:
  • Dr. Miller and JCL Consulting Group are related parties.
  • The company relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the fair market value of shares issued to related parties does not exceed 25% of the company's market capitalization.
  • No new control person was created as a result of these transactions.
• Regulatory Status:
  • The new shares-for-debt transactions remain subject to TSX Venture Exchange approval.

Notable Quotes

• None provided in the text.