Searchlight Resources Announces Closing of Private Placement

Executive Summary

• Searchlight Resources Inc. closed a private placement of 13,802,741 units at $0.055 per unit, generating aggregate proceeds of $759,151.
• Each unit consists of one common share and one full‑price warrant (exercise price $0.10) exercisable for four years; broker warrants totaling 257,409 were also issued.
• Net proceeds will be used to fund exploration activities on the company’s mineral property portfolio and for general working capital.

Key Details

• Units Issued: 13,802,741 units @ $0.055 per unit.
• Aggregate Proceeds: $759,151 (gross).
• Unit Composition: 1 common share + 1 full‑price warrant (exercise price $0.10 per share, 4‑year term).
• Broker Warrants: 257,409 warrants issued to brokers as compensation; also expire four years from issuance.
• Cash Commissions & Finders’ Fees: $14,158 incurred.
• Holding Period: All securities subject to a four‑month hold period from the closing date.
• Use of Proceeds: Primarily for exploration expenditures on Searchlight’s portfolio of mineral properties and for general working capital.

Notable Quotes

“Searchlight intends to use the proceeds of the Private Placement to fund exploration expenditures on its portfolio of mineral properties and for general working capital.” – Stephen Wallace, President, CEO and Director.