Searchlight Resources arranges $770k private placement

Executive Summary

• Searchlight Resources Inc. announced a non‑brokered private placement of up to 14 million units at C$0.055 per unit.
• Each unit consists of one common share and one full‑purchase warrant (exercise price C$0.10, four‑year term).
• Gross proceeds could reach approximately C$770,000, which will be used for exploration expenditures on its mineral portfolio and general working capital.

Key Details

• Units Offered: Up to 14 million units (each = 1 common share + 1 full purchase warrant).
• Pricing: C$0.055 per unit.
• Warrant Terms: Right to purchase one additional common share at C$0.10 per share; exercisable for four years from issuance.
• Maximum Gross Proceeds: Approximately C$770,000 (14 M × C$0.055).
• Use of Proceeds: Finance exploration activities on existing mineral properties and provide general working capital.
• Closing Conditions: Subject to corporate and regulatory approvals, including TSX Venture Exchange approval; finders’ fees may be payable.
• Hold Period: All securities issued will be subject to a four‑month hold period from the closing date.

Notable Quotes

(No CEO/President quotes provided in the release.)