Mr. Stephen Wallace reports
SEARCHLIGHT RESOURCES ANNOUNCES INCREASE IN CRITICAL METALS FLOW-THROUGH PRIVATE PLACEMENT
Due to investor demand, Searchlight Resources Inc. has increased the size of its critical metals flow-through private placement previously announced on July 27, 2022.
The company will now issue up to 9,523,810 units at a price of 10.5 cents per unit for aggregate proceeds of $1-million. Each unit consists of one critical metals flow-through share and one-half common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at an exercise price of 15 cents for a period of two years from the date of issue. The critical metals flow-through shares will entitle holders to receive the tax benefits applicable to critical metals flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The company expects to incur cash commissions and finders' fees of $75,000 and 952,381 brokers' and finders' warrants that will expire one year from the date of closing.
The financing is subject to TSX Venture Exchange approval.
All 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 finance exploration expenditures on its portfolio of critical metals mineral properties and to expand its exploration activities at its flagship property, Kulyk Lake.
About Searchlight Resources Inc.
Searchlight Resources 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. The exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.
Searchlight holds a 317.1-square-kilometre land position at Kulyk Lake within the Wollaston domain in Northern Saskatchewan, where it has recently detected a new area of extensive uranium radioactivity and rare earth targets.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.