Mr. Greg Andrews reports
SEARCH MINERALS ANNOUNCES GRANT OF STOCK OPTIONS AND PROVIDES FINANCING UPDATE
Search Minerals Inc. has granted, effective today, 100,000 stock options, all of which are exercisable until Aug. 14, 2021, at a price of eight cents. The options have been granted pursuant to the company's stock option plan and the issuance of the options is subject to the approval of the TSX Venture Exchange.
The company is pleased to announce that it has received an interest-free loan in the amount of $100,000 from InCoR Holdings PLC. The loan bears no interest and is repayable on demand. The proceeds of the loan will be used for general corporate purposes.
In addition, the company announces that it has reached an agreement with the holder of a convertible debenture of the company in the principal amount of $120,750 that matured on Dec. 29, 2017, and was extended by the parties to March 31, 2018. While the debenture is no longer convertible and is now a demand debt obligation of the company, the debenture holder has agreed to forebear calling for repayment of principal and accrued interest for a period of 90 days during which only accrued interest shall be payable.
Greg Andrews, chief executive officer of Search, commented: "I'd like to thank both the debenture holder and InCoR for their continued support of the company. Management and the board are continuing to pursue longer-term solutions to the company's financing needs and fully expect to address these during the third and fourth quarters of fiscal 2018. We remain committed to drilling the Deep Fox prospect and initiating environmental studies required for the environmental impact statement filings."
About Search Minerals Inc.
Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Port Hope Simpson critical rare earth element district of southeast Labrador.
We seek Safe Harbor.
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