Searchlight Resources Closes Third Tranche of Private Placement Financing

Rhea-AI Summary

Searchlight Resources Inc. has successfully closed the third tranche of a private placement, issuing 396,875 units at $0.08 each, yielding total proceeds of $31,750. Each unit comprises one common share and half a warrant, allowing the purchase of an additional share at $0.12 within two years. The funds raised will be utilized for exploration expenditures on mineral properties and general working capital. Searchlight focuses on gold, uranium, and battery minerals in Saskatchewan, a top mining investment location in Canada.

Positive

• Raised $31,750 through issuance of 396,875 units.
• Private placement funds will support mineral exploration and working capital.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 1, 2022 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT),(OTC PINK:CNYCF), (FSE:2CC2) is pleased to announce that it has closed the third and final tranche of a private placement of flow-through and non-flow-through units (the "Private Placement") as previously announced by press release on November 24^th, 2021

In this tranche the Company issued 396,875 units at a price of $0.08 per unit (the "Unit") for aggregate proceeds of $31,750. 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.

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),(OTC PINK: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, uranium and battery minerals throughout the Province,

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/686875/Searchlight-Resources-Closes-Third-Tranche-of-Private-Placement-Financing

FAQ

What was the total amount raised in the third tranche of the private placement for CNYCF?

The third tranche raised a total of $31,750.

What is the exercise price of the warrants issued by Searchlight Resources Inc. in the private placement?

The exercise price of the warrants is $0.12 per common share.

How many units were issued in the third tranche of the private placement for CNYCF?

A total of 396,875 units were issued in the third tranche.

What will the funds from the private placement be used for by Searchlight Resources Inc.?

The funds will be used for exploration expenditures and general working capital.

What is the primary focus of Searchlight Resources Inc.?

Searchlight focuses on mineral exploration in gold, uranium, and battery minerals.