Refined Energy, Searchlight amend option agreements

Executive Summary

• Refined Energy Corp. has signed an amendment to its option agreements with Searchlight Resources Inc. for the Milner and Basin properties, extending key financial and exploration deadlines.
• The amendment extends cash payment deadlines for both properties by one year to September 30, 2026, and extends exploration expenditure deadlines by 12 months to August 6, 2027.
• In consideration for the amendment, Refined Energy will issue 27,500 common shares to Searchlight, subject to Canadian Securities Exchange (CSE) approval and standard statutory hold periods.

Key Details

• Parties: Refined Energy Corp. and Searchlight Resources Inc.
• Properties: Milner and Basin properties (uranium properties in Saskatchewan).
• Original Agreements: Option agreements dated August 6, 2024, granting Refined Energy the right to acquire up to 100% interest.
• Cash Payment Extensions:
  • Basin Property: Payment of $35,000 extended from September 30, 2025, to September 30, 2026.
  • Milner Property: Payment of $55,000 extended from September 30, 2025, to September 30, 2026.
• Exploration Expenditure Extensions:
  • Basin Property: Expenditure requirement of $200,000 extended from 24 months to 36 months (new deadline: August 6, 2027).
  • Milner Property: Expenditure requirement of $150,000 extended from 24 months to 36 months (new deadline: August 6, 2027).
• Consideration for Amendment:
  • Refined Energy to issue 27,500 common shares to Searchlight.
  • Issuance timeline: Within 10 business days of receiving CSE approval.
• Share Restrictions:
  • Subject to CSE approval.
  • Subject to a statutory four-month hold period under Canadian securities laws.
  • Subject to a contractual resale restriction requiring prior company approval for trading (subject to customary exceptions).

Notable Quotes

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