Search Minerals Inc. Closes $300,000 of Convertible Note with Indigenous Partner
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: SMY) ha concluso la prima tranche delle sue note convertibili non trasferibili non garantite per $300,000. Le note hanno una scadenza di un anno e maturano interessi semplici del 15% annui. Una volta revocato l'ordine di cessazione degli scambi (CTO), il capitale può essere convertito a $0,05 per azione. Il Partner Indigeno della società, NunatuKavut Community Council (NCC), ha fornito i fondi, dimostrando il proprio sostegno per il progetto in Newfoundland e Labrador.
La società prevede di completare il proprio audit entro la fine di ottobre e mira ad avere il CTO revocato poco dopo. I fondi saranno utilizzati per aggiornare le informazioni finanziarie e riaprire l'ufficio sul campo di St. Lewis per lavori di esplorazione. Search Minerals continua a costruire sul suo accordo di esplorazione del 2012 con la NCC, garantendo una partnership che rispetta i diritti e gli interessi degli Inuit NunatuKavut e delle comunità locali.
Search Minerals Inc. (TSXV: SMY) ha cerrado la primera tranche de sus notas convertibles no transferibles y no garantizadas por $300,000. Las notas tienen un vencimiento de un año y llevan un interés simple del 15% anual. Una vez que se revoque la orden de cese de operaciones (CTO), el capital se puede convertir a $0.05 por acción. El Socio Indígena de la empresa, NunatuKavut Community Council (NCC), proporcionó la financiación, demostrando su apoyo al proyecto en Newfoundland y Labrador.
La empresa espera completar su auditoría para finales de octubre y tiene como objetivo levantar el CTO poco después. Los fondos se utilizarán para actualizar la información financiera y reabrir la oficina de campo de St. Lewis para trabajos de exploración. Search Minerals continúa construyendo sobre su acuerdo de exploración de 2012 con la NCC, garantizando una asociación que respeta los derechos y intereses de los Inuit NunatuKavut y las comunidades locales.
Search Minerals Inc. (TSXV: SMY)는 $300,000의 비양도성 무담보 전환사채의 첫 번째 트랜치를 마감했습니다. 이 사채는 1년 만기를 가지며 연 15% 단리 이자가 붙습니다. 거래 중단 명령(CTO)이 해제된 후, 원금은 주당 $0.05에 전환될 수 있습니다. 회사의 원주율 파트너인 NunatuKavut Community Council (NCC)가 자금을 제공하여 뉴펀들랜드와 래브라도 프로젝트에 대한 지지를 보여주었습니다.
회사는 10월 말까지 감사를 완료할 것으로 예상하며, CTO가 곧 해제되기를 목표로 하고 있습니다. 자금은 재무 정보를 업데이트하고 탐사 작업을 위해 St. Lewis 필드 사무소를 재개하는 데 사용됩니다. Search Minerals는 NCC와 2012년 탐사 계약을 계속 발전시키며 NunatuKavut 이누잇과 지역 사회의 권리와 이익을 존중하는 파트너십을 보장합니다.
Search Minerals Inc. (TSXV: SMY) a clôturé la première tranche de ses obligations convertibles non transférables et non garanties pour $300,000. Les obligations ont une échéance d'un an et portent un intérêt simple de 15% par an. Une fois que l'ordre de cessation de négociation (CTO) sera révoqué, le capital pourra être converti à $0,05 par action. Le Partenaire Autochtone de l'entreprise, NunatuKavut Community Council (NCC), a fourni le financement, démontrant ainsi son soutien au projet à Terre-Neuve-et-Labrador.
L'entreprise s'attend à terminer son audit d'ici fin octobre et vise à faire lever le CTO peu après. Les fonds seront utilisés pour mettre à jour les informations financières et rouvrir le bureau de terrain de St. Lewis pour des travaux d'exploration. Search Minerals continue de s'appuyer sur son accord d'exploration de 2012 avec la NCC, garantissant un partenariat qui respecte les droits et les intérêts des Inuits NunatuKavut et des communautés locales.
Search Minerals Inc. (TSXV: SMY) hat die erste Tranche seiner nicht übertragbaren ungesicherten Wandelanleihen über $300,000 abgeschlossen. Die Anleihen haben eine Laufzeit von einem Jahr und tragen 15% einfache Zinsen pro Jahr. Nachdem die Handelsruhe (CTO) aufgehoben wurde, kann das Kapital zu $0,05 pro Aktie umgewandelt werden. Der indigene Partner des Unternehmens, NunatuKavut Community Council (NCC), stellte die Finanzierung zur Verfügung und zeigte damit Unterstützung für das Projekt in Neufundland und Labrador.
Das Unternehmen erwartet, bis Ende Oktober mit der Prüfung fertig zu sein und will die CTO kurz danach aufheben. Die Mittel werden verwendet, um die finanziellen Informationen zu aktualisieren und das Feldbüro in St. Lewis für Erkundungsarbeiten wieder zu öffnen. Search Minerals baut weiterhin auf seinem Erkundungsabkommen von 2012 mit der NCC auf und sichert eine Partnerschaft, die die Rechte und Interessen der NunatuKavut-Inuit und der lokalen Gemeinschaften respektiert.
- Secured $300,000 in funding through convertible notes
- Strong support from Indigenous Partner (NunatuKavut Community Council)
- Audit expected to be completed by late October
- Plans to restart exploration work in St. Lewis area
- Company currently under a cease trade order (CTO)
- Delayed financial reporting for fiscal year 2023 and subsequent quarters
- High interest rate of 15% on convertible notes
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Search Minerals Inc. (TSXV: SMY) ("Search" or the "Company") is pleased to announce that the Company has closed the first tranche of its previously announced non-transferable unsecured convertible notes (the "Convertible Notes") for the principal amount and gross proceeds of
The Convertible Notes will have a maturity date of one year from the date of issuance (the "Maturity Date") and will bear simple interest at a rate of
Joseph Lanzon, Interim CEO states: "We are very pleased to have the continued support from our Indigenous Partner, the NunatuKavut Community Council, ("NCC"). We have had a close relationship with the NCC since 2012 when our parties signed the Exploration Agreement. These funds raised during the current CTO is indicative of the importance of the project to NCC, and the Province of Newfoundland and Labrador."
Lanzon added, "The auditors have been working for the purpose of finalizing our annual financial statements for the year ended November 30, 2023, interim financial statements, management's discussion and analysis and certification of interim filings for the periods ended February 29 and May 31, 2024. Our expectation for the audit completion is late October and our goal is to have the CTO lifted and shares trading as quickly as possible."
Todd Russell, President of NunatuKavut Community Council stated: "NCC is very pleased to see Search Minerals continue to take steps necessary to get this important project restarted. It offers great potential for a successful mining operation in heart of our traditional territory near the communities of St. Lewis and Port Hope Simpson and we are happy to contribute in this way. We look forward to building upon an exploration agreement we signed with Search in 2012 to ensure we continue to move forward as true partners and in a way that respects the rights, values and interests of NunatuKavut Inuit and our communities."
These funds amongst other things, ensure the financial information is up to date and we can open up the St. Lewis field office in preparation of the return of Dr. Miller and our dedicated local work force to initiate some exploration work in the nearby area. As we continue to close the Convertible Notes, we will aim to complete the obligations and work outlined in the use of proceeds during this Partial Revocation of the CTO order, as presented in the September 9, 2024 news release.
For further information about Search Minerals Inc., please contact:
Joseph Lanzon
Interim CEO and Director
Telephone: 613-796-5957
Email: joseph.lanzon@searchminerals.ca
About Search Minerals Inc.:
Search Minerals is 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. 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 CREE 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, the terms and completion of the Offering, the proposed use of proceeds from the Offering, if and when the CTO will be revoked, 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/225866
FAQ
What is the amount and terms of the convertible notes issued by Search Minerals (SHCMF)?
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