Search Minerals Inc. (TSX.V: SMY) (OTC: SHCMF) Settles $404K Debt Through Shares-for-Debt Transaction
This article has been disseminated on behalf of Search Minerals Inc. (TSX.V: SMY) (OTC: SHCMF) and may include paid advertising. Search Minerals (TSX.V: SMY) (OTC: SHCMF) said it entered a transaction with LeadFX Inc. to settle $404,053.73 of outstanding debt through the issuance of 808,107 common shares at a deemed price of $0.50 per share. The Company said completing the Shares-for-Debt transaction, rather than proceeding with a previously planned unsecured convertible loan, will preserve cash and strengthen its balance sheet. The shares will carry a four-month-and-one-day statutory hold period. Because LeadFX is a related party, the transaction falls under MI…