VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV:SMY)
(“Search Minerals” or the “Company”): This press release is being disseminated as required by
National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection
with the acquisition of securities of the Company by InCoR Holdings PLC (“InCoR” or the
“Acquiror”).
The Acquiror announces that, on July 11, 2018, Search Minerals closed its previously announced private placement
(the “Placement”) and issued the Acquiror 4,000,000 units (the “Units”), comprised of 4,000,000
common shares (“Common Shares”) and 4,000,000 common share purchase warrants (“Warrants”). The
Common Shares and Warrants were issued to InCoR at a price of $0.05 per Unit for gross cash consideration of $200,000.00. Each
Warrant entitles the holder thereof to purchase one (1) additional Common Share at a price of $0.07 any time within 24 months of
their issuance, expiring July 11, 2020.
Prior to the transaction, InCoR held: (i) 36,498,667 common shares representing approximately 20.3% of the
issued and outstanding common shares (assuming no exercise of warrants), (ii) 9,186,321 warrants exercisable into 9,186,321 common
shares, and (iii) debentures convertible in up to 11,041,666 units if held to maturity, such units being comprised of common shares
and warrants, representing in aggregate of up to 22,083,332 common shares, (i) (ii) and (iii) together representing approximately
33.4% of the issued and outstanding common shares (assuming full exercise of debentures and exercise of all warrants held by
InCoR).
After giving effect to the acquisition of the Units, InCoR owns an aggregate of 40,498,667 Common Shares in the
capital of the Issuer representing approximately 22.6% of the outstanding common shares (assuming no exercise of Warrants), and
Warrants to acquire up to an additional 4,000,000 Common Shares. Assuming InCoR exercised the Warrants, InCoR would own an
aggregate of 44,498,667 Common Shares of the Issuer representing approximately 24.2% of the outstanding Common Shares (assuming no
exercise of any other warrants), expressed on a non-diluted basis, and 35.3% assuming full exercise of debentures and warrants held
by the Acquiror.
The Units were acquired on a private placement basis by InCoR for investment purposes and InCoR may, depending
on market and other conditions, increase or change its beneficial ownership over the common shares or other securities of the
Company through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
A copy of the Early Warning Report filed under applicable securities laws is available under the Company’s
profile on SEDAR (www.sedar.com). A copy of such report may also be obtained by contacting DS Lawyers Canada LLP, InCoR’s Canadian
legal counsel, at kwells@dsavocats.ca.
The name and address of the “Acquiror” filing the report is:
InCoR Holdings PLC
Attn: Jocelyn Bennett
Palladium House, 1-4 Argyll Street
London, United Kingdom
Kyler Wells
kwells@dsavocats.ca
1.647.477.7317
