Mr. Jim Clucas reports
SEARCH MINERALS APPOINTS INVESTOR RELATIONS CONSULTANT
Search Minerals Inc. has appointed Investor Relations Services Inc. and its principal, Joanne C. Jobin, to provide investor relations services to the company pursuant to a consulting agreement effective May 26, 2011. The agreement is subject to the approval of the TSX Venture Exchange.
IR Services is a Toronto-based firm and its principal has over 20 years of experience in the industry. Both IR Services and Ms. Jobin are at arm's length to the company. Ms. Jobin has worked in the natural resources sector as well as managed the investor relations, corporate affairs and communications programs for a number of publicly traded companies, including J.P. Morgan & Co. (Canada), Canadian Tire Corp. and Hepcoe Credit Union. From 1996 to 2002, Ms. Jobin was director of investor relations for Iamgold Corp. Most recently, Ms. Jobin was vice-president of corporate communications for Noront Resources Ltd.
Pursuant to the agreement, IR Services will, among other things, attend weekly meetings with key executives and/or directors in order to develop a marketing and investor relations plan; introduce key executives and directors to a broad spectrum of investors across Canada and the United States; arrange road shows and conference participation; and conduct site visits.
The agreement between the company and IR Services is for a term of one year. The agreement may be terminated by either party upon 60 days notice. IR Services will be paid a monthly fee of $4,000 plus taxes for providing its services to the company, which is payable on the first day of each month, and the company will grant to IR Services stock options for 50,000 shares exercisable at 48 cents on or before May 26, 2016, subject to the terms and conditions of the company's stock option plan. The company will also pay IR Services a flat fee of $2,500 to $3,000 plus expenses for attending conferences as well as $850 per day plus expenses for attending road shows, annual meetings, site visits and analyst/investor days. The company will pay IR Services its compensation from working capital.
IR Services does not currently have any interest, directly or indirectly, in the company or its securities. Other than pursuant to the stock options, neither IR Services nor its principal has any right or intent to acquire any interest, directly or indirectly, in the company or its securities. IR Services does not intend to undertake any market-making activities.
We seek Safe Harbor.