Search Minerals Revises Shares-for-Debt Transaction, Adjusting Settlement Terms

Search Minerals Inc. (TSX.V: SMY) (OTC: SHCMF) has revised its previously announced shares-for-debt transaction, adjusting the terms after one creditor chose not to participate. The company will now settle $185,000 in outstanding indebtedness through the issuance of 370,000 common shares at a deemed price of $0.50 per share. The transaction is subject to approval from the TSX Venture Exchange.

This revision comes as the company continues to advance its focus on developing Critical Rare Earth Elements (CREE), Zirconium (Zr), and Hafnium (Hf) resources within the Port Hope Simpson – St. Lewis CREE District in South-east Labrador. Search Minerals controls a belt that is 64 kilometers long and 2 kilometers wide, which is road accessible, on tidewater, and located near three local communities. The company has completed a preliminary economic assessment report with resource estimates for its FOXTROT and DEEP FOX projects, and is actively exploring four additional prospects: FOX MEADOW, SILVER FOX, FOX RUN, and AWESOME FOX.

Search Minerals has also been optimizing its patented 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, producing highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.

Full details of the amended transaction can be found in the press release at https://ibn.fm/pP1No. For more information on Search Minerals and its latest updates, visit the company's newsroom at https://ibn.fm/SHCMF.

This announcement underscores Search Minerals' ongoing efforts to strengthen its balance sheet while maintaining focus on its rare earth element projects, which are critical for various high-tech and green energy applications. The shares-for-debt settlement reduces liabilities and aligns creditor interests with the company's future performance.