Mr. Jim Clucas reports
SEARCH MINERALS ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED FINANCINGS
Search Minerals Inc., further to its Stockwatch news release issued on Dec. 10, 2010, has closed the first tranche of its non-brokered private placement of 1,222,222 units at a price of 45 cents per unit for gross proceeds of $549,999.90. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of Search until Jan. 6, 2014, at a price of 70 cents per share during the first year, 80 cents during the second year and 90 cents during the third year.
All securities issued pursuant to the initial tranche are subject to a hold period expiring on May 7, 2011. No finders' fees or commissions are payable in connection with the initial tranche. The initial tranche remains subject to the final approval of the TSX Venture Exchange.
The proceeds from the initial tranche will be used to finance the continued exploration of its properties located in the Port Hope Simpson district, Labrador, and for general working capital purposes.
We seek Safe Harbor.