Searchlight Announces Closing of Private Placement Financing

About this update from Searchlight Resources Inc.

[{"type":"text","content":"Searchlight Announces Closing of Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / May 26, 2020 / Searchlight Resources Inc. (\"Searchlight\" or the \"Company\") (TSXV:SCLT) is pleased to announce that it has closed a private placement of flow-through and non-flow-through units (the \"Private Placement\") as previously announced by press release of May 8, 2020.The Company issued 22,860,000 units at a price of $0.025 per unit (the \"Unit\") for aggregate proceeds of $571,500. Each Unit consists 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 3 years from the date of issue.The Company also issued 14,584,000 flow-through units at a price of $0.03 per unit (the \"FT Units\") for aggregate proceeds of $437,520. Each FT Unit will consist of one flow-through common share and one-half of one flow-through common share purchase warrant (the \"FT Warrants\"). Each full FT Warrant will entitle the holder to purchase one additional flow-through common share of the Company at an exercise price of $0.05 per common share for a period of 1 year from the date of issue.Shares issued pursuant to the FT Units 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 the Private Placement to fund exploration expenditures on its portfolio of mineral properties and for general working capital.The Company incurred cash commissions and finders' fees of $63,631 and issued 2,201,080 broker warrants of which 1,020,880 expire 1 year from the date of closing and 1,180,200 expire 3 years from the date of issue.All the securities issued are subject to a four-month hold period from the date of closing.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 is focused on Saskatchewan, which the Fraser Institute ranks as the top jurisdiction in Canada for mining investment.to acquire high quality projects, close t...

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