Business
Searchlight Announces Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / May 8, 2020 / Searchlight Resources Inc. ("Searchlight" or the "...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"Searchlight Announces Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / May 8, 2020 / Searchlight Resources Inc. (\"Searchlight\" or the \"Company\") (TSXV: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 17,200,000 units at a price of $0.025 per unit (the \"Unit\") for aggregate proceeds of up to $430,000. 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 3 years from the date of issue.The Company also intends to issue up to 20,000,000 flow-through units at a price of $0.03 per unit (the \"FT Units\") for aggregate proceeds of up to $600,000. 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.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 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.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 project...