Search Minerals Inc. (TSXV:SMY) closed the first tranche of its non-brokered private placement announced on May 29, 2012 and July 12, 2012.
As quoted in the press release:
On closing, the Company issued 4,000,000 units (the “Units”) at a price of $0.20 per Unit to Sercor Ltd. (“Sercor”) for gross proceeds of $800,000. Each Unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of Search until August 8, 2014 at a price of $0.20 per share. The Company closed the private placement on the same terms as it originally announced on May 29, 2012, other than the term and exercise price of the warrants. The Company extended the term of the warrants from 12 months to 24 months and reduced the exercise price of the warrants from $0.30 to $0.20.