Search Minerals Inc. Announces $2,520,000 Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. ("Search" or the "Company") (TSXV: "SMY") is pleased to announce that the Company is conducting a non-brokered private placement of up to 14,000,000 flow-through common shares of the Company (the "FT Shares") at a price of $0.18 per FT Share for maximum gross proceeds of up to $2,520,000 (the "Offering"). All funds raised in connection with the Offering will be used for exploration expenditures on the Company’s projects that will qualify as Canadian exploration expenses within the meaning of the Income Tax Act (Canada), including the Company's Deep Fox project in the Critical Rare Earth Element District of South East Labrador (the “District”) and other exploration work in the District.

The Offering is expected to close before April 6, 2021 and is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange (“TSXV”). All securities issued in connection with the Offering will be subject to a four-month hold period under applicable securities legislation.

Certain insiders of the Company may participate in the Offering. The participation of Insiders in the Offering will constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company anticipates relying on the exemptions from the formal valuation and minority approval requirements in Sections 5.5.(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transactions does not exceed 25% of the Company’s market capitalization.

The Company reserved the price for the Offering by filing a price reservation form with the TSXV. The Company further confirms that there is no undisclosed material information regarding the Company or its projects.

About Search Minerals Inc.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths 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 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT, and a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX.