Search Minerals Inc. issues shares … | Search Minerals Inc.
VANCOUVER, Dec. 18, 2015 /CNW/ - (TSXV: SMY) Search Minerals Inc. ("Search" or the "Company") reports that it has completed the shares for debt transaction originally announced on December 3, 2015 (the "Shares for Debt Transaction"), after receiving the approval of the TSX Venture Exchange to settle indebtedness with certain creditors of the Company.
Pursuant to the Shares for Debt Transaction, the Company has issued 617,143 common shares of the Company ("Shares") at a deemed price of $0.07 per Share to settle debt in the amount of $43,200, and an additional $19,465.77 was paid to a creditor in cash.
All securities issued in connection with the Shares for Debt Transaction will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. These forward looking statements relate to future events or the Company's future performance, business prospects or opportunities, including the completion of the Shares for Debt Transaction. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and those additional risks set out in Search's public documents filed on SEDAR at www.sedar.com. Although Search believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Search disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.