Follow Us! Like Our Page!

Searchlight Resources Announces Critical Mineral Flow-Through Private Placement

Press Release

December 7, 2023

Vancouver, British Columbia – Searchlight Resources Inc. (“Searchlight” or the “Company”) (TSXV: SCLT, US: SCLTF) is pleased to announce  a private placement financing of Critical Mineral Exploration flow-through units (the “Placement”).

The Company will issue up to 10,000,000 units at a price of $0.03 per unit (the “Unit”) for aggregate proceeds of $300,000. Each Unit consists of one Critical Mineral Exploration flow-through share and one-half of one transferable 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 two years from the date of issue. The Critical Minerals Exploration flow-through shares will entitle the holder to receive the tax benefits applicable to the Critical Minerals Exploration Tax Credit in accordance with provisions of the Income Tax Act (Canada).

Finder’s fees will be payable to qualified finders in connection with the Placement consisting of 7.0% cash and 7.0% finder’s warrants, with each finder’s warrant exercisable at price of $0.05 for a period expiring 24 months following the closing date of the Offering.

Closing of the proposed Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the TSX Venture Exchange. All the securities issuable will be subject to a four-month hold period from the date of closing.

Searchlight intends to use the proceeds of the Placement to fund exploration expenditures on its portfolio of Critical Mineral properties.

About Searchlight Resources Inc.

Searchlight Resources Inc. (TSXV:SCLT; US:SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on battery minerals and gold throughout the Province, concentrating on projects with nearby infrastructure.

On behalf of the Board of Directors,
“Stephen Wallace”
Stephen Wallace, President, CEO and Director

SEARCHLIGHT RESOURCES INC.

For further information, visit the Company’s website at www.searchlightresources.com or contact:

Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com

IBF4

Loading

NationTalk Partners & Sponsors Learn More