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Search Minerals Inc. (TSXV: SMY) is a company focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr), and Hafnium (Hf) resources within the emerging Port Hope Simpson - St. Lewis CREE District of South East Labrador. The company controls two deposits (Foxtrot and Deep Fox), two drill-ready prospects (Fox Meadow and Silver Fox), and numerous other REE prospects, including Fox Valley, Foxy Lady, and Awesome Fox.
Recently, Search Minerals held its 2024 annual general meeting of shareholders, where a new board of directors was elected, including Joseph Lanzon, Rohan Hazelton, and Diane Poole. The Company's immediate focus is to rectify its financial reporting and regulatory filings to reinstate the trading of its common shares on the TSX Venture Exchange. Search Minerals aims to work with regulatory authorities to achieve this goal.
For further information about Search Minerals Inc., please contact Joseph Lanzon, Director, at 613-796-5957 or email joseph.lanzon@outlook.com.
Search Minerals Inc. has completed its $1 million convertible note financing with the closing of a second tranche worth $700,000. This follows the first tranche of $300,000 announced on October 7, 2024. The convertible notes mature in one year and carry a 15% annual interest rate. The funds will be used to maintain properties and complete disclosure requirements to lift the cease trade order (CTO) on company shares. After CTO revocation, noteholders can convert principal at $0.05 per share, with interest conversion according to TSX Venture Exchange policies.
Search Minerals Inc. (TSXV: SMY) has closed the first tranche of its non-transferable unsecured convertible notes for $300,000. The notes have a one-year maturity and bear 15% simple interest per annum. After the cease trade order (CTO) is revoked, the principal can be converted at $0.05 per share. The company's Indigenous Partner, NunatuKavut Community Council (NCC), provided the funding, demonstrating their support for the project in Newfoundland and Labrador.
The company expects to complete its audit by late October and aims to have the CTO lifted soon after. The funds will be used to update financial information and reopen the St. Lewis field office for exploration work. Search Minerals continues to build on its 2012 exploration agreement with NCC, ensuring a partnership that respects the rights and interests of NunatuKavut Inuit and local communities.
Search Minerals Inc. (TSXV: SHCMF) has received a partial revocation of a cease trade order from the British Columbia Securities Commission. This allows the company to:
1. Complete a private placement of convertible notes up to CAD 1,000,000 to finance financial statement preparation and operational expenses.
2. Issue 700,000 common shares under option agreements for Two Tom Lake and Mann #1 properties.
The convertible notes will have a one-year maturity and 15% annual interest rate. Funds will be used for audit fees, regulatory costs, and exploration-related expenses. The company aims to finalize its financial statements and regain compliance with regulatory requirements.
Search Minerals Inc. (TSXV: SHCMF) has announced an amendment to the Two Tom Property option agreement in Labrador, Canada. The company has rescheduled the third anniversary payment of $60,000 cash and 400,000 shares due to a cease trade order. The cash payment will be made as soon as possible, while the share issuance is postponed until the cease trade order is lifted, with a validity period until August 16, 2025. An anti-dilution provision will be applied until the shares are issued. The new Board is working to meet reporting requirements and reverse the cease trade order, which resulted from the former Board's mismanagement.
Search Minerals Inc. (TSXV: SHCMF) has announced an amendment to the option agreement for acquiring a 100% interest in the Mann #1 and Two Tom Lake properties. The third anniversary payment of $60,000 cash and 300,000 shares has been rescheduled. This amendment was necessary due to a cease trade order issued by the British Columbia Securities Commission on April 8, 2024. The company's new Board of Directors is working to fulfill reporting requirements to reverse this order, which resulted from the previous management's practices. Shareholders voted to reject the former Board's management at the Annual General Meeting on June 21, 2024.
Search Minerals (TSXV: SMY) has appointed Joseph Lanzon as Interim CEO and Greg Andrews as Interim CFO and Corporate Secretary, following the formation of a new board of directors consisting of Joseph Lanzon, Rohan Hazelton, and Diane Poole. The company is also enhancing its Advisory Board with Dr. Randy Miller leading the exploration team and Ed Moriarity managing communications and environmental engagements. Mr. Lanzon emphasized the importance of reinstating trading activities and advancing fundraising, regulatory, and environmental initiatives. The team aims to keep shareholders informed during this transition and rebuilding phase.
Search Minerals announced the results of its 2024 annual general meeting held on June 21, 2024, in Vancouver.
The meeting was called by concerned shareholders led by Joseph Lanzon. A total of 238,858,052 common shares were voted, representing 57.24% of the issued shares. Shareholders voted to fix the number of directors at three, with 84.67% approval. The elected directors include Joseph Lanzon, Rohan Hazelton, and Diane Poole.
Lanzon emphasized immediate priorities: rectifying financial reporting, completing regulatory filings, and seeking reinstatement of their shares on the TSX Venture Exchange.
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