Searchlight Announces Debt Conversion

Rhea-AI Summary

Searchlight Resources Inc. (CNYCF) announced that creditors have accepted 1,083,333 common shares as settlement for $97,500 in outstanding liabilities, equating to $0.09 per share. The share conversions are pending TSXV approval, with closing to occur immediately after. The company focuses on mineral exploration in Saskatchewan, particularly gold and battery minerals, with significant holdings in the Flin Flon - Snow Lake Greenstone Belt. Noteworthy projects include the Bootleg Lake Gold Project, near past high-grade gold mining sites.

Positive

• Settlement of $97,500 in liabilities via share issuance reduces cash outflow.
• Focus on high-potential mineral exploration in Saskatchewan, a top-ranked mining investment location.
• Advancing the Bootleg Lake Gold Project, which is near established high-grade past mines.

Negative

• The need to settle liabilities with shares may indicate cash flow challenges.
• Dependence on TSXV approval adds uncertainty to the share issuance process.

VANCOUVER, BC / ACCESSWIRE /, April 8, 2021 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:CNYCF)(FSE:2CC2) is pleased to announce that arms' length creditors of the Company have agreed to accept 1,083,333 common shares in lieu of cash to settle $97,500 in outstanding liabilities. The common shares will be issued at $0.09 per share.

The conversions are subject to TSXV approval, and if obtained Closing will take place immediately thereafter.

About Searchlight Resources Inc.

Searchlight Resources Inc. (TSXV:SCLT, US:CNYCF, 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 and battery minerals throughout the Province, concentrating on projects with road access.

Searchlight holds a 427.6 square kilometre land position within the gold and base metal rich Flin Flon - Snow Lake Greenstone Belt. The Company is currently advancing its Bootleg Lake Gold Project located in Saskatchewan, less than 10 km from Flin Flon, Manitoba, and which hosts four past producing high-grade gold mines.

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

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Searchlight Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/639414/Searchlight-Announces-Debt-Conversion

FAQ

What recent financial arrangement did Searchlight Resources Inc. make on April 8, 2021?

Searchlight Resources Inc. announced that arms' length creditors agreed to accept 1,083,333 common shares to settle $97,500 in outstanding liabilities.

What is the share price for the settlement announced by Searchlight Resources Inc.?

The common shares will be issued at a price of $0.09 per share.

Where is Searchlight Resources Inc. focused on mineral exploration?

The company is focused on mineral exploration in Saskatchewan, Canada.

What is the significance of the Bootleg Lake Gold Project for Searchlight Resources Inc.?

The Bootleg Lake Gold Project is strategically located near past high-grade gold mines, enhancing its exploration potential.

What does the debt settlement indicate about Searchlight Resources Inc.'s financial status?

The need to issue shares for debt settlement may suggest cash flow challenges for the company.