Search Minerals increases price of HD financing

Executive Summary

• Search Minerals Inc. amended its previously announced private placement, increasing the hard‑dollar share price to $0.33 and adding a charity flow‑through unit offering at $0.50 per unit, targeting up to $993,847 in gross proceeds.
• The flow‑through financing (up to $743,847) will fund eligible Canadian exploration expenses for the Foxtrot and Deep Fox projects and aim to qualify for the critical mineral exploration tax credit.
• Net proceeds from the hard‑dollar share placement (up to $250,000) are 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 common share.

• Charity flow‑through unit price set at $0.50 per unit.

• Offering Structure:

• Charity Flow‑Through Units: Up to 1,487,694 units, each consisting of one flow‑through common share plus half of a transferable non‑flow‑through common share purchase warrant.
  • Warrants exercisable at $0.65 per non‑flow‑through common share for 24 months after issuance.
  • Gross proceeds target: $743,847.

• Hard‑Dollar Shares: Up to 757,576 common shares at $0.33 each.

  • Gross proceeds target: $250,000.

• Use of Proceeds:

• Flow‑through financing: To incur eligible Canadian exploration expenses for the Foxtrot and Deep Fox projects in Labrador; expected to qualify for the critical mineral exploration tax credit.

• Hard‑dollar proceeds: For working capital and general corporate purposes.

• Regulatory Conditions: Financing subject to receipt of all required regulatory approvals, including acceptance by the TSX Venture Exchange. No guarantee that the financing will be completed in whole or in part.

• Holding Period: All flow‑through shares, warrants, and any common shares issued upon warrant exercise are subject to a four‑month‑plus‑one‑day hold period from closing, per securities law requirements.

Notable Quotes

(No executive quotes were provided in the release.)