On August 23, 2024, Search Minerals Inc., a company based in Vancouver, British Columbia, announced an amendment to the agreement made on June 17, 2021, with United Gold, Aubrey Budgell, and Donna Lewis. This agreement pertains to the option to acquire a 100% interest in the Two Tom Property located in Labrador, Canada. The amendment involves the rescheduling of the third-anniversary cash payment of $60,000 and the issuance of 400,000 shares outlined in the original agreement.
Under the amended agreement, Search Minerals Inc. has agreed to expedite the $60,000 payment to the vendors upon the earliest opportunity available. Additionally, the issuance of 400,000 shares will be delayed until the cease trade order issued by the British Columbia Securities Commission on April 8, 2024, is lifted. The amendment is valid for a year and can be exercised until August 16, 2025, with an anti-dilution provision in effect until the shares are issued.
Joseph Lanzon, Interim CEO of Search Minerals, expressed appreciation for the vendors’ cooperation during this transition period. The company’s new board is actively working to meet reporting requirements and address the issues that led to the cease trade order, which was imposed due to the previous board’s mismanagement.
Search Minerals Inc. is focused on exploring and developing Critical Rare Earths Elements (CREE), Zirconium (Zr), and Hafnium (Hf) resources within the Port Hope Simpson – St. Lewis CREE District in South East Labrador. The company controls various deposits, prospects, and assets in Labrador, including the Two Tom Lake CREE-Be-Nb deposit in the Red Wine CREE District.
This press release contains forward-looking information, which is based on certain assumptions and involves known and unknown risks and uncertainties. Search Minerals Inc. does not assume any obligation to publicly release revisions to forward-looking information to reflect events or circumstances after the date of this announcement.
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