First tranche of PP closed $878k thus far Searchlight Resources Closes First Tranche of Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / December 2, 2021 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:CNYCF)(FSE:2CC2) is pleased to announce that it has closed the first tranche of a private placement of flow-through and non-flow-through units (the "Private Placement") as previously announced by press release on November 24th, 2021
The Company issued 8,979,208 units at a price of $0.08 per unit (the "Unit") for aggregate proceeds of $718,337. Each Unit consists of one common share and one-half of 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 $0.12 per common share for a period of 2 years from the date of issue.
The Company also issued 1,600,000 flow-through ("FT") units at a price of $0.10 per unit (the "FT Unit") for aggregate proceeds of $160,000. Each FT Unit consists of one flow-through common share and one-half of one common share purchase warrant (the "FT Warrant"). Each FT Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.15 per common share for a period of 2 years from the date of issue. 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).
The Company expects to incur cash commissions and finders' fees of $24,220 and 288,750 broker warrants exercisable on the same terms and conditions as the warrants issued to investors, which will expire 2 years from the date of closing. All the securities issued are subject to a four-month hold period from the date of closing.
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.
About Searchlight Resources Inc.
Searchlight Resources Inc. (TSXV:SCLT; US:CYNCF; FSE 2CC2) 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 gold, uranium and battery minerals throughout the Province,
On behalf of the Board of Directors,