Business
Searchlight Minerals Corp. Completes $3.27 Million in Equity Financings and Receives Results of Bench Scale Tests From Midrex Technologies, a Wholly Owned Subsidiary of Kobe Steel
Searchlight Minerals Corp. Completes $3.27 Million in Equity Financings and Receives Results of Bench Scale Tests From Midrex Technologies, a Wholly Owned Subsidiary of Kobe Steel.
About this update from Searchlight Minerals Corp.
[{"type":"text","content":"\n \n \n Searchlight Minerals Corp. Completes $3.27 Million in Equity Financings and Receives Results of Bench Scale Tests From Midrex Technologies, a Wholly Owned Subsidiary of Kobe Steel\n \n \nSearchlight Minerals Corp. Completes $3.27 Million in Equity Financings and Receives Results of Bench Scale Tests From Midrex Technologies, a Wholly Owned Subsidiary of Kobe Steel\n \n HENDERSON, NV--(Marketwired - Aug 19, 2015) - Searchlight Minerals Corp. (OTCQB: SRCH) (\"Searchlight\" or the \"Company\") today announced that it has raised $3.27 million across three rounds of financings within the last five months (collectively, the \"Offering\") for working capital purposes. The Company has also received results of certain bench scale tests conducted by Midrex Technologies, Inc. (\"Midrex\"), a wholly owned subsidiary of Kobe Steel, Ltd., to examine the efficacy of its technology as a potentially more cost effective pretreatment method to extract iron from the Company's slag material in Clarkdale, AZ. \n Financing \n The Company completed three rounds of the Offering -- March 25, May 21 and July 31, 2015 -- resulting in aggregate gross proceeds of $3,270,450. In the Offering, the Company sold 9,308,429 \"Units\" with each Unit consisting of one share of the Company's common stock and one common stock purchase warrant. Each warrant entitles the warrant holder to purchase one share of the Company's Common Stock, at an exercise price of $0.50 per share and expire five years from the date of issuance. Certain registration rights were granted to the purchasers in connection with the Offering.\n Thermal Pre-treatment\n Previous testing on slag material conducted by the Company on material from the Company's Clarkdale Slag Project indicated that a high quality iron product could be produced from the slag material by using a thermal pre-treatment step prior to the autoclave process, which is designed to extract the gold. The Company conducted such tests to determine whether high quality iron could be produced from the slag material with the goal that the resulting iron may be sold at a price, which could at a minimum, pay for the cost of producing it and perhaps produce an additional cash flow above and beyond the revenue that the Company may receive from the extraction of gold from the slag pile. The Company also be...