Search Minerals Provides Update on Two Tom Lake Option Agreement
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) ha annunciato una modifica all'accordo di opzione per la proprietà Two Tom in Labrador, Canada. L'azienda ha riprogrammato il pagamento del terzo anniversario di $60,000 in contanti e 400,000 azioni a causa di un ordine di cessazione del commercio. Il pagamento in contanti sarà effettuato il prima possibile, mentre l'emissione delle azioni è posticipata fino a quando non sarà revocato l'ordine di cessazione, con una validità fino al 16 agosto 2025. Sarà applicata una clausola di anti-diluizione fino a quando le azioni non saranno emesse. Il nuovo Consiglio sta lavorando per soddisfare i requisiti di reporting e per revocare l'ordine di cessazione, che è derivato dalla cattiva gestione del precedente Consiglio.
Search Minerals Inc. (TSXV: SHCMF) ha anunciado una enmienda al acuerdo de opción de la propiedad Two Tom en Labrador, Canadá. La compañía ha reprogramado el pago del tercer aniversario de $60,000 en efectivo y 400,000 acciones debido a una orden de cese de operaciones. El pago en efectivo se realizará lo antes posible, mientras que la emisión de acciones se pospone hasta que se levante la orden de cese, con una validez hasta el 16 de agosto de 2025. Se aplicará una cláusula de anti-dilución hasta que se emitan las acciones. El nuevo Consejo está trabajando para cumplir con los requisitos de informes y revocar la orden de cese, resultante de la mala gestión del antiguo Consejo.
Search Minerals Inc. (TSXV: SHCMF)는 캐나다 라브라도에 있는 Two Tom 자산 옵션 계약의 수정 사항을 발표했습니다. 회사는 거래 중지 명령으로 인해 $60,000의 현금과 400,000 주식에 대한 3주년 지불 일정을 변경했습니다. 현금 지급은 가능한 한 빨리 이루어질 예정이며, 주식 발행은 거래 중지 명령이 해제될 때까지 연기됩니다. 유효 기간은 2025년 8월 16일까지입니다. 주식이 발행될 때까지 주식 희석 방지 조항이 적용됩니다. 새 이사회는 보고 요구 사항을 충족하고 직전 이사회의 잘못된 관리로 인해 발생한 거래 중지 명령을 취소하기 위해 노력하고 있습니다.
Search Minerals Inc. (TSXV: SHCMF) a annoncé un amendement à l'accord d'option de la propriété Two Tom au Labrador, Canada. La société a reprogrammé le paiement du troisième anniversaire de 60 000 $ en espèces et 400 000 actions en raison d'un ordre de cessation de commerce. Le paiement en espèces sera effectué dès que possible, tandis que l'émission d'actions est reportée jusqu'à ce que l'ordre de cessation de commerce soit levé, avec une période de validité jusqu'au 16 août 2025. Une clause anti-dilution sera appliquée jusqu'à ce que les actions soient émises. Le nouveau conseil d'administration travaille à satisfaire aux exigences de reporting et à lever l'ordre de cessation de commerce, qui a résulté de la mauvaise gestion de l'ancien conseil d'administration.
Search Minerals Inc. (TSXV: SHCMF) hat eine Änderung des Optionsvertrags für das Two Tom Grundstück in Labrador, Kanada, bekannt gegeben. Das Unternehmen hat die Zahlung zum dritten Jahrestag von 60.000 $ in bar und 400.000 Aktien aufgrund eines Handelsstopps verschoben. Die Barzahlung wird so schnell wie möglich geleistet, während die Aktienausgabe bis zur Aufhebung des Handelsstopps verschoben wird, mit einer Gültigkeitsdauer bis zum 16. August 2025. Eine Verwässerungsschutzklausel wird bis zur Ausgabe der Aktien angewendet. Der neue Vorstand arbeitet daran, die Berichtspflichten zu erfüllen und den Handelsstopp aufzuheben, der aus der Fehlverwaltung des vorherigen Vorstands resultierte.
- Extension of option agreement payment terms, providing financial flexibility
- Continued cooperation with property vendors during challenging period
- New Board actively working to meet reporting requirements and lift cease trade order
- Company under cease trade order since April 8, 2024, limiting financial operations
- Delayed payment of $60,000 and issuance of 400,000 shares for property option
- Indication of previous mismanagement and leadership issues
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - Search Minerals Inc. (TSXV: SMY) ("Search" or the "Company"), is pleased to announce that pursuant to the agreement announced June 17, 2021, (the "Agreement") with United Gold, Aubrey Budgell and Donna Lewis (collectively, the "Vendors") for the option (the "Option") to acquire an undivided
The Company agrees to pay the Vendors
Mr. Joseph Lanzon, Interim CEO, commented "Search Minerals values the Vendors' cooperation during this transition period as we fulfill all requirements to resume trading, thereby enabling shareholders to benefit from the option agreement for the Two Tom Property."
The new Search Minerals Board is diligently working to meet all material reporting requirements and reverse this unnecessarily incurred cease trade order, which, of course, was a direct result of the substandard management and leadership practices of the recently deposed former Board. Search Minerals shareholders decisively voted to reject the former Board's mismanagement and dereliction of fiduciary duty at the Annual General Meeting held June 21, 2024.
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, 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/220932
FAQ
What is the current status of Search Minerals' (TSXV: SHCMF) Two Tom Property option agreement?
Why has Search Minerals (TSXV: SHCMF) rescheduled its option agreement payments?
What actions is the new Board of Search Minerals (TSXV: SHCMF) taking to address the cease trade order?
