Searchlight Announces Non-Brokered Private Placement

Executive Summary

• Searchlight Resources Inc. announced a non-brokered private placement financing of up to 11,000,000 units at $0.10 per unit, targeting gross proceeds of up to $1,100,000.
• Each unit consists of one common share and one full purchase warrant exercisable at $0.15 per share for a three-year period.
• Proceeds will be allocated to exploration expenditures on the company's mineral property portfolio and general working capital, subject to TSX Venture Exchange and regulatory approvals.

Key Details

• Structure & Quantity: Non-brokered private placement of up to 11,000,000 Units.
• Price: $0.10 per unit.
• Gross Proceeds: Up to $1,100,000.
• Warrant Terms: Each unit includes one full purchase warrant exercisable at $0.15 per share for a period of 3 years from the date of issue.
• Use of Proceeds: Exploration expenditures on the company's portfolio of mineral properties and general working capital.
• Conditions & Hold Period: Closing is subject to corporate and regulatory approvals, including TSX Venture Exchange approval. All securities issuable are subject to a four-month hold period from the date of closing.
• Finders Fees: May be payable in connection with the private placement.