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Search Minerals (TSXV: SMY | OTC: SHCMD) has reached a settlement agreement regarding outstanding debt payments with creditors Kee Scarp Ltd. and Todd Burlingame. The company will issue 203,688 common shares to Burlingame and make a cash payment of $26,600 to Kee Scarp, totaling approximately $100,000 in debt settlement.
The share issuance is pending TSX Venture Exchange approval and will be subject to a four-month and one-day hold period from the issuance date, as per securities legislation.
Search Minerals (TSXV: SMY | OTC: SHCMD) ha raggiunto un accordo di transazione riguardante i pagamenti di debito in sospeso con i creditori Kee Scarp Ltd. e Todd Burlingame. La società emetterà 203.688 azioni ordinarie a favore di Burlingame e effettuerà un pagamento in contanti di 26.600 dollari a Kee Scarp, per un totale di circa 100.000 dollari nel saldo del debito.
L’emissione delle azioni è soggetta all’approvazione della TSX Venture Exchange e sarà soggetta a un periodo di blocco di quattro mesi e un giorno dalla data di emissione, secondo la normativa sui titoli.
Search Minerals (TSXV: SMY | OTC: SHCMD) ha alcanzado un acuerdo de conciliación respecto a los pagos de deuda pendientes con los acreedores Kee Scarp Ltd. y Todd Burlingame. La compañía emitirá 203,688 acciones comunes a Burlingame y realizará un pago en efectivo de $26,600 a Kee Scarp, sumando aproximadamente $100,000 en la liquidación de la deuda.
La emisión de acciones está pendiente de la aprobación de la TSX Venture Exchange y estará sujeta a un período de retención de cuatro meses y un día desde la fecha de emisión, conforme a la legislación de valores.
Search Minerals (TSXV: SMY | OTC: SHCMD)는 채권자 Kee Scarp Ltd.와 Todd Burlingame과의 미지급 부채 상환에 관한 합의에 도달했습니다. 회사는 Burlingame에게 203,688 보통주를 발행하고 Kee Scarp에게 26,600 달러의 현금 지급을 하여 총 약 100,000 달러의 부채를 정산할 예정입니다.
주식 발행은 TSX 벤처 거래소의 승인을 기다리고 있으며, 증권법에 따라 발행일로부터 4개월 1일간의 보유 기간이 적용됩니다.
Search Minerals (TSXV : SMY | OTC : SHCMD) a conclu un accord de règlement concernant les paiements de dettes en cours avec les créanciers Kee Scarp Ltd. et Todd Burlingame. La société émettra 203 688 actions ordinaires à Burlingame et effectuera un paiement en espèces de 26 600 $ à Kee Scarp, totalisant environ 100 000 $ pour le règlement de la dette.
L’émission des actions est soumise à l’approbation de la TSX Venture Exchange et fera l’objet d’une période de blocage de quatre mois et un jour à compter de la date d’émission, conformément à la législation sur les valeurs mobilières.
Search Minerals (TSXV: SMY | OTC: SHCMD) hat eine Vergleichsvereinbarung bezüglich ausstehender Schuldenzahlungen mit den Gläubigern Kee Scarp Ltd. und Todd Burlingame getroffen. Das Unternehmen wird 203.688 Stammaktien an Burlingame ausgeben und eine Barauszahlung von 26.600 USD an Kee Scarp leisten, was insgesamt etwa 100.000 USD zur Schuldentilgung entspricht.
Die Aktienausgabe steht unter dem Vorbehalt der Genehmigung durch die TSX Venture Exchange und unterliegt einer Haltefrist von vier Monaten und einem Tag ab dem Ausgabedatum, gemäß den Wertpapiergesetzen.
Positive
- Debt settlement agreement reached with creditors
- Partial settlement through equity reduces immediate cash requirements
Negative
- Equity dilution through issuance of 203,688 new shares
- Outstanding debt obligations requiring immediate cash payment
07/15/2025 – 09:27 PM
St. Lewis, Newfoundland and Labrador – Search Minerals Inc. (TSXV: SMY) (OTC Pink: SHCMD) is making moves to clean up its balance sheet. The company announced today a settlement agreement concerning approximately $100,000 in outstanding debt with creditors Kee Scarp Ltd. and Todd Burlingame. The strategy? A blend of equity and cash, a common tactic for companies looking to manage immediate cash flow while satisfying obligations.
Under the terms of the agreement, Search Minerals will issue 203,688 common shares to Burlingame. Equity for debt swaps can be a double-edged sword. While preserving cash, it also dilutes existing shareholders’ stake. In addition to the share issuance, the company will make a cash payment of $26,600 to Kee Scarp, aiming to resolve all remaining debts to these creditors.
The share issuance isn’t a done deal just yet. It’s contingent upon the approval of the TSX Venture Exchange. If greenlit, the newly issued shares will be subject to a standard hold period of four months and one day from the issuance date, as dictated by securities regulations. Keep an eye on SMY as it navigates this financial maneuver, balancing debt reduction with shareholder value.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, that the Company will receive all required regulatory and exchange approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement. Specific risks include that the Company may not obtain regulatory approval. General risks include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond our control.
Accordingly, readers should not place undue reliance on forward-looking statements or information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent management’s discussion and analysis that is available on the Company’s profile on SEDAR+ at www.sedarplus.ca. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258976
FAQ
What is the total value of Search Minerals’ debt settlement agreement in July 2025?
The total debt settlement is valued at $100,000, comprising of 203,688 common shares to be issued to Burlingame and a $26,600 cash payment to Kee Scarp Ltd.
How many shares will Search Minerals (SHCMD) issue as part of the debt settlement?
Search Minerals will issue 203,688 common shares to Todd Burlingame as part of the debt settlement agreement.
What is the hold period for the newly issued Search Minerals shares?
The newly issued common shares will be subject to a hold period of four months and one day from the date of issuance.
What regulatory approval does Search Minerals need for the debt settlement?
The share issuance requires approval from the TSX Venture Exchange before completion.
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