Searchlight Resources Receives Final Payment for Sale of New York Canyon Property

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[{"type":"text","content":"Searchlight Resources Receives Final Payment for Sale of New York Canyon PropertyVANCOUVER, BC / ACCESSWIRE / March 30, 2020 / Searchlight Resources Inc. (\"Searchlight\" or the \"Company\") (TSX-V:SCLT) announces that it has received the final payment of $225,000 from the sale of the New York Canyon Property, NV (the \"Property\") to Emgold Mining Corporation, a company listed on the TSX Venture Exchange under the symbol \"EMR\", (\"Emgold\").Under the Agreement terms, Searchlight will transfer all its interest in and to the New York Canyon Property to Emgold and, in consideration of which, Emgold will have paid Searchlight CAD $275,000 and issued 2,941,176 common shares of Emgold.Under the terms of the Claim Purchase Agreement between Emgold and Searchlight, Emgold, agreed to purchase a 100% interest in the 21 patented and 60 unpatented mineral claims comprising the Property (at that time) from Searchlight under the following terms:C$10,000 on signing the LOI (paid);C$40,000 on closing of the Transaction (paid);C$500,000 in common shares of the capital of Emgold at the date of closing of the Transaction, with the share price based on the 30-day volume weighted average price of the Company's share immediately prior to the announcement of the Transaction - 2,941,176 shares at C$0.17 per share, with the shares subject to Right of First Refusal provisions (paid);C$100,000 within 6 months of the date of closing of the Transaction;C$100,000 within 12 months of the date of closing of the Transaction; andC$100,000 within 18 months of the date of closing of the Transaction.In the Claim Purchase Agreement with Searchlight, Emgold had the option of accelerating the acquisition. If the outstanding payments (3 x C$100,000) were made on or before the 6 month anniversary of the closing of the Transaction, Emgold would be entitled to a 25% discount on the outstanding balance, reducing the amount of the payment due to C$225,000.On February 11, 2020, Emgold announced it had signed an Earn-In with Option to Joint Venture Agreement with Kennecott Exploration Company (\"Kennecott\"), a subsidiary of Rio Tinto PLC (LSE: RIO:L, ASE: RIO.AX NYSE: RIO.N) for the Property. Kennecott can earn up to a 75% interest in the Property by completing US$22.5 million in exploration expenditures. Kennecott staked 265 unpatented mineral claims, expanding the Prope...

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