Search Minerals Closes Second Tranche of Private Placement

Search Minerals (TSXV:SMY) has announced the closing of the second tranche of its previously announced private placement.
As quoted in the press release:

Further to its news releases dated September 13, 2016,October 11, 2016 and October 26, 2016, the Company has completed the second tranche of its non-brokered private placement (the “Offering“) raising gross proceeds of $405,300 by the issuance of 5,790,000 units (the “Units“) at $0.07 per Unit.  Each Unit consists of one common share in the capital of the Company (a “Share“) and one share purchase warrant (a “Warrant“).  Each Warrant entitles the holder to purchase one additional common share in the capital of the Company (a “WarrantShare“) at a price of $0.14 per Warrant Share for a period of 12 months from the closing of the Offering. Certain directors of the Company (the “Directors“) purchased 390,000 Units under this tranche. With the completion of the two tranches, the Company has issued 10,990,000 Units for gross proceeds of$769,300.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The proceeds from the Offering will be used to complete environmental assessment applications and for general working capital requirements.
The Company intends to close the final tranche of the Offering by November 8, 2016. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.  No finder’s fees or commissions are payable in connection with the financing.

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