Searchlight Resources Receives TSXV Approval for Purchase of the Bootleg Gold Property

Rhea-AI Summary

Searchlight Resources Inc. (TSXV:SCLT)(OTCQB:SCLTF) has secured TSX Venture Exchange approval to acquire a 25% interest plus a 1.0% NSR in the Bootleg Lake Gold property from New Moon Minerals Corp. The acquisition will be executed through the issuance of 6,000,000 common shares of Searchlight, which will be subject to a four-month hold period. The Bootleg Lake Gold property is strategically located in Saskatchewan, a top-ranked area for mining investment in Canada, and aligns with Searchlight's focus on battery minerals and gold exploration.

Positive

• Received TSX Venture Exchange approval for a significant acquisition.
• Acquisition will enhance Searchlight's interest in Bootleg Lake Gold property.
• Focus on exploration in a top Canadian mining investment location.

Negative

• Issuance of 6,000,000 common shares may dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / March 24, 2023 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTCQB:SCLTF) is pleased to announce that the Company has received approval from the TSX Venture Exchange (the "Exchange") to issue common shares as consideration for the purchase by Searchlight of the 25% interest plus 1.0% NSR in the Bootleg Lake Gold property from New Moon Minerals Corp. ("New Moon")

Consideration for the acquisition of the 25% interest plus 1.0% NSR in the Bootleg Lake Gold property consists of 6,000,000 common shares of Searchlight. The common shares will be issued to New Moon. All securities issued are subject to a four-month hold period from the date of issue.

About Searchlight Resources Inc.
Searchlight Resources Inc. (TSXV:SCLT); (OTCQB: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

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/745584/Searchlight-Resources-Receives-TSXV-Approval-for-Purchase-of-the-Bootleg-Gold-Property

FAQ

What recent approval did Searchlight Resources Inc. receive?

Searchlight Resources Inc. received approval from the TSX Venture Exchange to acquire a 25% interest plus a 1.0% NSR in the Bootleg Lake Gold property.

What is the consideration for the Bootleg Lake Gold property acquisition by Searchlight?

The consideration consists of 6,000,000 common shares of Searchlight Resources Inc.

How does the acquisition of Bootleg Lake Gold property impact Searchlight's business?

The acquisition enhances Searchlight's portfolio in a prime mining region, aligning with their focus on battery minerals and gold.

What is the significance of Bootleg Lake Gold property for Searchlight?

Bootleg Lake Gold property is strategically located in Saskatchewan, adding valuable assets to Searchlight's exploration efforts.

Are there any risks associated with the share issuance in the acquisition?

Yes, the issuance of 6,000,000 common shares may dilute the value for existing shareholders.