Search Minerals Provides Update On Two Tom Lake Option Agreement

8/23/2024 3:15:23 PM

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - Search Minerals Inc. (TSXV: SMY) (" Search " or the " Company "), is pleased to announce that pursuant to the agreement announced June 17, 2021, (the " Agreement ") with United Gold, Aubrey Budgell and Donna Lewis (collectively, the " Vendors ") for the option (the " Option ") to acquire an undivided 100% interest in the Two Tom Property, in Labrador, Canada, (the " Property "), the Company and Vendors have agreed to amend and reschedule the third anniversary cash payment of $60,000 and the provision of 400,000 shares (the " Schedule ").

The Company agrees to pay the Vendors $60,000 at the earliest opportunity available to complete the transaction. The Company and the Vendors have further agreed to postpone the issuance of 400,000 shares until the British Columbia Securities Commission's cease trade order of April 8, 2024 is lifted. This agreement is valid for one year and can be exercised until August 16, 2025. An anti-dilution provision will be applied to the transaction, covering the period until the shares are issued.

Mr. Joseph Lanzon, Interim CEO, commented "Search Minerals values the Vendors' cooperation during this transition period as we fulfill all requirements to resume trading, thereby enabling shareholders to benefit from the option agreement for the Two Tom Property."

The new Search Minerals Board is diligently working to meet all material reporting requirements and reverse this unnecessarily incurred cease trade order, which, of course, was a direct result of the substandard management and leadership practices of the recently deposed former Board. Search Minerals shareholders decisively voted to reject the former Board's mismanagement and dereliction of fiduciary duty at the Annual General Meeting held June 21, 2024.

For further information about Search Minerals Inc., please contact:

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