VANCOUVER, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) — Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) and USA Rare Earth, LLC (“USA Rare Earth”) are pleased to announce that USA Rare Earth, LLC purchased 9,000,000 units at $0.07 per unit for proceeds of $630,000 CDN in the Company’s most recent financing that closed on March 11, 2021.
On November 10, 2020, Search and USA Rare Earth jointly announced a Technical Collaboration Framework Agreement whereby the two companies would work on several initiatives. USA Rare Earth is the funding and development partner of the Round Top Heavy Rare Earth, Lithium and Critical Minerals Project in Hudspeth County, West Texas, together with Texas Mineral Resources Corp. (OTCQB: TMRC). As part of Search’s and USA Rare Earth’s development plans, the companies intend to expand the collaboration to include discussions regarding separation, marketing and off-take of Search’s future production. These discussions are in line with Search’s ambition to be an important contributor to the development of a North American Critical Material supply chain and USA Rare Earth’s strategy of Mine-to-Magnet processing.
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…
