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Searchlight Minerals Corp. Announces $4.6 M Issuance of Equity Led by Luxor
Searchlight Minerals Corp. Announces $4.6 M Issuance of Equity Led by Luxor.
About this update from Searchlight Minerals Corp.
[{"type":"text","content":"\n \n \n Searchlight Minerals Corp. Announces $4.6 M Issuance of Equity Led by Luxor\n \n \nSearchlight Minerals Corp. Announces $4.6 M Issuance of Equity Led by Luxor\n \n HENDERSON, NV--(Marketwired - Mar 23, 2016) -  Searchlight Minerals Corp. (OTCQB: SRCH) (\"we\", \"us\", \"our\", or the \"Company\"), announced today that it has closed a $4,619,491 issuance of its equity securities (the \"Offering\") which includes the conversion of $3,119,491 of Secured Convertible Promissory Notes and interest owing on such notes owned by Luxor Capital Partners, LP (\"Luxor\") and its affiliates as well as Martin Oring, one of our directors and our Chief Executive Officer, and members of his family (collectively, the \"Oring Group\"). In the Offering, Luxor also purchased $1,500,000 of the Company's restricted common stock, $0.001 par value per share (the \"Common Stock\"). \n Conversion of Existing Notes and Completion of Private Placement\n Luxor, on behalf of itself and certain of its affiliates (collectively, the \"Luxor Group\"), demanded repayment from the Company by March 18, 2016 of all of the outstanding principal and interest owing on the Luxor Group's Secured Convertible Promissory Notes, each dated September 18, 2013 (the \"Luxor Notes\"). Lacking sufficient funds to make such repayments, we agreed to a series of transactions with the Luxor Group (the \"Transactions\"), whereby the Luxor Group would: (i) convert, at $0.035 per share, all of the outstanding principal amount and accrued but unpaid interest owing on the Luxor Notes into shares of the Company's Common Stock; (ii) simultaneously purchase an additional $1,500,000 of the Company's Common Stock, at $0.035 per share; and (iii) agree to purchase, upon the completion of certain milestones, an additional $1,250,000 in to-be-issued shares of the Company's Common Stock, at $0.045 per share. \n To facilitate the Transactions, on March 18, 2016, the Luxor Group and the Company Amended the Luxor Notes, and the Luxor Group provided the Company with Conversion Notices, where the Luxor Group converted an aggregate of $2,600,000 in principal and $91,000 of interest owing on the Luxor Notes in exchange for 76,885,714 shares of the Company's Common Stock. The Company and the Oring Group, who also held Secured Convertible Promissory Notes, dated Septembe...