Search Minerals Completes Patent Purchase Agreement

Search Minerals (TSXV:SMY) has received the final C$200,000 payment from InCor holdings relating to a patent purchase agreement between the two companies.
As quoted in the press release:

InCoR has completed all terms and conditions set forth in the Patent Purchase Agreement, and therefore Search and InCoR will complete the closing documents to transfer all of the Search’s right, title and interest, including all legal and beneficial interest, in and to the SALT assets, free and clear of all encumbrances.

Search Minerals president and CEO, Greg Andrews, said:

This final payment of $200,000 fully satisfies and discharges InCoR from any further obligation under the Patent Purchase Agreement.  The total consideration of $650,000 received by Search during these difficult market conditions is a testament to the commitment of the Board and Management to minimize shareholder dilution with the sale of this non-core asset.  It has been a pleasure working with InCoR during this process, and we are very fortunate to include InCoR as a shareholder and a supporter of Search Minerals.

Click here for the full press release.