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Big Al!; Thanks for posting! Was not

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Middleborder   Thursday, 10/21/21 09:56:02 AM
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Big Al!; Thanks for posting! Was not showing on the Searchminerals Website when I looked this AM!

VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) and USA Rare Earth, LLC (“USA Rare Earth”) are pleased to announce that Search Minerals Inc. and USA Rare Earth, LLC have signed a non-binding Memorandum of Understanding (“MOU”) for an offtake of 500 tonnes/year of Neodymium (Nd) / Praseodymium (Pr) from future production at the Deep Fox or Foxtrot deposits. The parties will continue to conduct customary, commercially reasonable due diligence in advance of entering into any definitive agreements. In addition, USA Rare Earth exercised 4,500,000 warrants as part of the Accelerated Warrant program as announced in the Company’s press release dated August 18, 2021. Each warrant was exercisable into one common share at a price of $0.10, and as announced in the Company’s press release dated August 18, 2021, the Company had accelerated the expiry date of the warrants to September 30, 2021.

Simon Sullivan, Chief Commercial Officer of USA Rare Earth, said, “We are excited to continue our collaboration with Search as we work to stand up a transparent North American critical mineral supply chain. USA Rare Earth continues to execute on its Mine-to-Magnet strategy of bringing back fully-integrated domestic production of rare earth permanent (NdFeB) magnets to the United States. Once operational, USA Rare Earth’s NdFeB magnet plant will initially produce 2,000 tonnes annually of high-performance rare earth magnets, with the ability to scale production further based on growing market demand.”

Growth in rare earth markets is being driven by rare earth (neo) magnets used in electric motors for vehicles and generators in wind turbines. Neo magnets used in these high-temperature applications use alloys including neodymium, praseodymium, dysprosium, and terbium. Search has significant resources of these elements at Deep Fox and Foxtrot, which will be complementary to the USA Rare Earth Round Top Mountain critical minerals and heavy rare earth project, which has a high concentration of dysprosium and terbium as well as neodymium and praseodymium.

Search Minerals Share Capital as at August 27, 2021

Issued and Outstanding: 333,881,007
Options 19,100,000
Warrents 81,421,999

Fully Diluted: 434,403,006

(For additional information on expiration dates)

Market Capitalization 57,060,852

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