This article has been disseminated on behalf of Search Minerals Inc. and may include paid advertising.
Search Minerals (TSX.V: SMY) (OTC: SHCMF) has issued an unsecured convertible note totaling $367,562 to its Indigenous partner, the NunatuKavut Community Council, in full settlement of existing indebtedness under a prior note issued in October 2024, including accrued interest. The transaction does not provide new capital or cash proceeds but extends the company’s repayment obligations while consolidating existing debt, reflecting continued support from the partner and the longstanding relationship tied to the company’s Newfoundland and Labrador projects, according to interim CEO Jason Macintosh.
To view the full press release, visit https://ibn.fm/Fnjg1
About Search Minerals
Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earth Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South-east Labrador. The Company controls a belt 64 km long and 2 km wide and is road accessible, on tidewater, and located near 3 local communities. Search has completed a preliminary economic assessment report with resource estimates for FOXTROT and DEEP FOX. Search is also working on four exploration prospects along the belt which include: FOX MEADOW, SILVER FOX, FOX RUN and AWESOME FOX.
Search has continued to optimize our patented Direct Extraction Process technology with the generous support from the Department of Energy and Mines, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.
NOTE TO INVESTORS: The latest news and updates relating to SHCMF are available in the company’s newsroom at https://ibn.fm/SHCMF
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