Searchlight Resources Announces Closing of Private Placement

Searchlight Resources Inc. has closed a previously announced private placement, raising $1.15 million in aggregate gross proceeds. The transaction, which closed on June 25, 2026, follows the initial announcement made on June 9, 2026. The company issued 11,500,000 units at $0.10 per unit, generating gross proceeds of $1,150,000. Each unit consists of one common share and one full purchase warrant exercisable at $0.15 per share for a three-year term.

In connection with the placement, the company incurred $33,750 in cash commissions and finders' fees and issued 332,500 broker warrants exercisable at $0.15 per share for a three-year term. Company directors participated in the placement by acquiring an aggregate of 400,000 units. All securities issued are subject to a four-month hold period from the closing date.

Net proceeds from the offering will be allocated to fund exploration expenditures on the company's Saskatchewan gold project portfolio and for general working capital.

Additionally, Searchlight Resources Inc. appointed Doug Andrews as a Strategic Advisor to support its exploration activities. Andrews is a retired professional geologist and former CEO who holds an M.Sc. in Geology. He has extensive precious metals exploration experience across the Abitibi Greenstone Belt and most recently served as CEO of RT Minerals.