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Searchlight Announces Private Placement Financing

by ahnationtalk on December 12, 2019137 Views

December 12, 2019

Vancouver, British Columbia, December 11th, 2019 – Searchlight Resources Inc. (“Searchlight” or the “Company”) (TSX-V: SCLT) is pleased to announce that it intends to complete a private placement of flow-through and non-flow-through units (the “Private Placement”).

The Company intends to issue up to 5,000,000 units at a price of $0.05 per unit (the “Unit”) for aggregate proceeds of up to $250,000. Each Unit will consist of one common share and one common share purchase warrant (the “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.05 per common share for a period of 2 years from the date of issue.

The Company also intends to issue up to 5,000,000 flow-through units at a price of $0.05 per unit (the “FT Units”) for aggregate proceeds of up to $250,000. Each FT Unit will consist of one flow-through common share and one-half of one non-flow-through common share purchase warrant (the “NFT Warrants”). Each full NFT Warrant will entitle the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.05 per common share for a period of 2 years from the date of issue.

The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

Searchlight intends to use the proceeds of up to $500,000 of the Offering to fund exploration expenditures on its portfolio of mineral properties and for general working capital. Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the TSX Venture Exchange. Finders fees may be payable in connection with this private placement. All the securities issuable will be subject to a four-month hold period from the date of closing.

Searchlight will rely upon such prospectus exemptions as are available, including access to existing shareholders through the Existing Shareholder Exemption. This ensures all shareholders are treated equally and fairly.

Qualified Person

Stephen Wallace, P.Geo., is Searchlight’s Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Searchlight Resources Inc.

Searchlight Resources Inc. is a Canadian mineral exploration and development company listed on the Toronto Venture Exchange (TSX-V: SCLT).  The corporate strategy of the company is:
•           to explore and develop opportunities in safe, low risk jurisdictions. The Company holds claims in Saskatchewan and Ontario, Canada. These are two of the top seven jurisdictions in the world for mining investment, as ranked by the Fraser Institute.
•           to target known highly productive geological belts, including the Flin Flon – Snow Lake Greenstone Belt and the Abitibi Greenstone Belt.
•           to acquire high quality projects, close to infrastructure, focusing on road access
•           to work closely with stakeholders, including First Nations, Metis, local and provincial governments and local contractors to advance mineral exploration and development in a safe and environmentally sound manner.

Searchlight holds a portfolio of gold, cobalt, copper, vanadium and specialty metal projects from grassroots stage to advanced exploration and NI43-101 resource development.

On behalf of the Board of Directors,

“Stephen Wallace”

SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director

Contact:         Searchlight Resources Inc.
Investor Relations
(604) 331-9326
[email protected]

NT4

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