Search Minerals Inc. has closed the initial tranche of its non-brokered private placement, raising C$615,000 in gross proceeds and upsizing its unit financing portion by an additional C$100,000.

The initial closing delivers C$200,000 from the sale of 851,064 units priced at C$0.235, alongside C$415,000 from the issuance of 1,537,037 critical mineral flow-through units at C$0.27 each. Red Cloud Securities acted as finder for the tranche, with compensation warrants and cash finder fees issued to Red Cloud and Canaccord Genuity. Petra Holdings Company Inc., controlled by director Michael Pearson, participated in the raise. The transaction is exempt from formal valuation and minority approval requirements under Multilateral Instrument 61-101.

Gross proceeds from the flow-through financing will fund eligible Canadian exploration expenses at the company's Foxtrot and Deep Fox projects in Labrador, which are expected to qualify for the Critical Mineral Exploration Tax Credit. Unit financing proceeds are earmarked for general corporate purposes and working capital.

Search Minerals previously proposed an aggregate raise of up to C$1,000,000 on July 13, 2026, which included C$800,000 in flow-through units.

“We are very pleased with the strong investor demand for this financing, which resulted in the Unit Financing being fully subscribed,” said Jason Macintosh, Interim CEO of Search Minerals. “Given this level of support, we are pleased to upsize the Unit Financing by an additional C$100,000, providing Search Minerals with additional capital to advance our Foxtrot and Deep Fox projects as we continue to build out our Critical Rare Earth Elements business in Labrador.” — Jason Macintosh, Interim CEO

The company plans to close the remaining balance of the financing in one or more subsequent tranches, targeting up to C$485,000 in further proceeds. This expected balance encompasses the remaining C$385,000 available under the flow-through financing and an upsized unit offering of up to C$300,000. Subsequent tranches remain subject to regulatory conditions, including TSX Venture Exchange acceptance, with no assurance that the full balance will be completed.

All securities issued under the initial tranche are subject to a statutory hold period expiring December 7, 2026.

Read the full announcement: Search Minerals Closes Initial Tranche of Non-Brokered Private Placement Financing and Announces Upsized Unit Financing