Search Minerals Completes Option Agreement and Acquires 100% of the Two Tom Property in Labrador
Search Minerals Inc. (TSXV: SMY) has successfully completed the acquisition of 100% interest in the Critical Rare Earth Element (CREE) Two Tom Property in Labrador, Canada. The company fulfilled the final requirements of the option agreement by making a cash payment of $60,000 and issuing 400,000 common shares to the Vendors. The property, comprising mineral licenses 027358M and 016522M, is subject to a 3% Net Smelter Returns Royalty. The agreement was initially announced on June 17, 2021, with an extension provided on August 23, 2024.
Search Minerals Inc. (TSXV: SMY) ha completato con successo l'acquisizione del 100% dell'interesse nella proprietà Critical Rare Earth Element (CREE) Two Tom in Labrador, Canada. L'azienda ha soddisfatto i requisiti finali dell'accordo di opzione effettuando un pagamento in contanti di $60.000 e emettendo 400.000 azioni ordinarie ai venditori. La proprietà, composta dalle licenze minerarie 027358M e 016522M, è soggetta a una royalty del 3% sui proventi delle fonderie. L'accordo è stato annunciato inizialmente il 17 giugno 2021, con un'estensione fornita il 23 agosto 2024.
Search Minerals Inc. (TSXV: SMY) ha completado con éxito la adquisición del 100% de los intereses en la propiedad Critical Rare Earth Element (CREE) Two Tom en Labrador, Canadá. La empresa cumplió con los requisitos finales del acuerdo de opción mediante un pago en efectivo de $60,000 y emitiendo 400,000 acciones ordinarias a los vendedores. La propiedad, que comprende las licencias minerales 027358M y 016522M, está sujeta a un royalty del 3% sobre los ingresos de la fundición. El acuerdo se anunció inicialmente el 17 de junio de 2021, con una extensión proporcionada el 23 de agosto de 2024.
Search Minerals Inc. (TSXV: SMY)는 캐나다 래브라도에 있는 Critical Rare Earth Element (CREE) Two Tom 부지의 100% 지분 인수를 성공적으로 완료했습니다. 회사는 60,000달러의 현금 지급과 400,000주 보통주 발행을 통해 옵션 계약의 최종 요건을 충족했습니다. 이 부지는 광물 라이센스 027358M과 016522M로 구성되어 있으며, 3%의 정련 수익 로열티가 적용됩니다. 이 계약은 2021년 6월 17일에 처음 발표되었으며, 2024년 8월 23일에 연장이 제공되었습니다.
Search Minerals Inc. (TSXV: SMY) a réussi à obtenir 100 % des parts de la propriété Critical Rare Earth Element (CREE) Two Tom au Labrador, au Canada. L'entreprise a rempli les exigences finales de l'accord d'option en effectuant un paiement en espèces de 60 000 $ et en émettant 400 000 actions ordinaires aux vendeurs. La propriété, comprenant les licences minières 027358M et 016522M, est soumise à un droit de 3 % sur les recettes de fonderie. L'accord a été annoncé initialement le 17 juin 2021, avec une extension accordée le 23 août 2024.
Search Minerals Inc. (TSXV: SMY) hat die Übernahme von 100% des Anteils an der Critical Rare Earth Element (CREE) Two Tom Liegenschaft in Labrador, Kanada, erfolgreich abgeschlossen. Das Unternehmen erfüllte die letzten Anforderungen des Optionsvertrags, indem es eine Barzahlung von $60.000 leistete und 400.000 Stammaktien an die Verkäufer ausgab. Die Liegenschaft, die aus den Bergbaulizenzen 027358M und 016522M besteht, unterliegt einer 3% Net Smelter Returns Royalty. Der Vertrag wurde ursprünglich am 17. Juni 2021 bekannt gegeben, mit einer Verlängerung am 23. August 2024.
- Acquisition of 100% ownership in the CREE Two Tom Property
- Strategic expansion of mineral property portfolio in Labrador
- 3% NSR royalty obligation on the property
- Cash expenditure of $60,000 and share dilution through issuance of 400,000 shares
St. Lewis, Newfoundland and Labrador--(Newsfile Corp. - November 12, 2024) - Search Minerals Inc. (TSXV: SMY) ("Search" or the "Company"), is pleased to announce that pursuant to the agreement announced June 17, 2021, and extension provided on August 23, 2024, (the "Agreement") with United Gold, Aubrey Budgell and Donna Lewis (collectively, the "Vendors") for the option (the "Option") to acquire an undivided
The Company now holds
Mr. Joseph Lanzon, Interim CEO, commented: "Search appreciates the Vendors' cooperation and good faith in completing this important transaction. The acquisition of the Two Tom Property significantly benefits shareholders and strengthens the Company's portfolio for long-term value creation."
For further information about Search., please contact:
Joseph Lanzon
Interim CEO and Director
Telephone: 613-796-5957
Email: joseph.lanzon@searchminerals.ca
About Search Minerals Inc.
Search is focused on finding and developing CREE, Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson — St. Lewis CREE District of South East Labrador. Search 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, along a 64 km long belt forming a REE District in Labrador.
Search also controls additional CREE assets in the Red Wine District of central Labrador. These include: the drill ready Two Tom Lake CREE-Be-Nb deposit, the Mann #1 CREE-Nb-Be prospect and Merlot CREE Prospect.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information in this news release are based on certain material assumptions and involve, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Search Minerals to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, those factors discussed in Search Minerals' public filings and its Canadian disclosure record. Although Search Minerals has attempted to identify important factors that could affect Search Minerals and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis" with the Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, Search Minerals does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229659
FAQ
What did Search Minerals (TSXV: SMY) acquire in November 2024?
What were the final payment terms for the Two Tom Property acquisition?
What is the royalty obligation on the Two Tom Property?
When was the original Two Tom Property option agreement announced?
