Search Minerals Closes Fully Subscribed $1.1 Million Financing

Search Minerals Inc., a company focused on developing critical rare earth elements, zirconium, and hafnium resources in Labrador, has successfully closed its fully subscribed upsized financing round. The company raised a total of C$1,100,015.78, with the final tranche contributing C$284,999.85. This brings the total gross proceeds to C$1,100,000, marking a significant milestone for the company as it advances its Foxtrot and Deep Fox projects.

The final tranche of the financing involved the issuance of 1,055,555 critical mineral flow-through units at a price of C$0.27 per unit. Each flow-through unit consists of one common share and one-half of one common share purchase warrant. The warrants allow the holder to purchase one common share at an exercise price of C$0.35 for a period of 36 months following the date of issuance. The gross proceeds from the flow-through financing will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as defined in the Income Tax Act (Canada).

Red Cloud Securities Inc. acted as the finder in connection with the financing, earning an aggregate of C$49,000.00 in cash finder's fees and issuing 181,110 non-transferable common share purchase warrants. The net proceeds from the financing will be used for working capital and general corporate purposes. The flow-through shares and warrant shares issued under the final tranche are subject to a hold period expiring January 24, 2027.

Search Minerals, which controls a 64 km long and 2 km wide belt of land in Labrador, has been working on optimizing its Direct Extraction Process technology with support from the Department of Energy and Mines, Government of Newfoundland and Labrador, and the Atlantic Canada Opportunity Agency. The company has completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.

The company's focus on developing critical rare earth elements and other valuable minerals in Labrador positions it well to contribute to the growing demand for these resources in North America. With the successful completion of this financing, Search Minerals is better equipped to continue its exploration and development activities.