Searchlight Announces Closing of Private Placement Financing
TSXV: SCLT
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Announces Closing of Private Placement
Financing
Vancouver, British Columbia, May 26th, 2020 - Searchlight Resources Inc. (“Searchlight”
or the “Company”) (TSX -V: SCLT) is pleased to announce that it has closed a priva te
placement of fl ow-through and non-flow-through units (the “Private Placement”) as previously
announced by press release of May 8, 2020.
The Company issued 22,860,000 units at a price of $ 0.025 per unit (the “ Unit”) for aggregate
proceeds of $571,500. Each Unit consists of one common share and 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 $0.05 per common share for a
period of 3 years from the date of issue.
The Company also issued 14,584,000 flow-through units at a price of $0.0 3 per unit (the “ FT
Units”) for aggregate proceeds of $437,520. Each FT Unit will consist of one flow-through
common share and one-half of one flow-through common share purchase warrant ( the “FT
Warrants”). Each full FT Warrant will entitle the holder to purchase one additional flow-through
common share of the Company at an exercise price of $0.0 5 per common share for a period of
1 year from the date of issue.
Shares issued purs uant to the FT Units will en title the hold er to receive the tax benefits
applicable to flow -through shares, in accordance with p rovisions of the Income Tax Act
(Canada).
Searchlight intends to use th e proceeds of the Private Placement to fund exploration
expenditures on its portfolio of mineral properties and for general working capital.
The Company incurred cash commissions and finders ’ fees of $6 3,631 and issued 2, 201,080
broker warrants of which 1,020,880 expire 1 year from the date of closing and 1, 180,200
expire 3 years from the date of issue.
All the securities issued are subject to a four-month hold period from the date of closing.
About Searchlight Resources Inc.
Searchlight Resources Inc. is a Canadian mineral exploration and development company listed
on the Toronto Venture Exchange (TSX-V: SCLT). The corporate strategy of the company is:
• to explore and develop opportunities in safe, low risk jurisdictions. The Company is
focused on Saskatchewan, which the Fraser Institute ranks as the top jurisdiction in Canada for
mining investment.
• to acquire high quality projects, close to infrastructure, focusing on road access
• to work closely with stakeholders, including First Nations, Metis, local and provincial
governments and local contractors to advance mineral exploration and development in a safe
and environmentally sound manner.
Searchlight Resources is focused primarily on two advanced high-grade gold projects
1) English Bay, targeting a high-grade gold deposit with open pit and underground potential
located 10 kilometers north of LaRonge, Sask.
2) Bootleg Lake, an opportunity for multiple high-grade gold mines to feed a single centralized
mill, located 5 kilometers from Flin Flon in Saskatchewan.
In addition, Searchlight continues to evaluate and systematically acquire quality mineral
exploration projects throughout Saskatchewan and has a portfolio of gold, cobalt, copper,
vanadium and specialty metal projects from grassroots stage to advanced exploration and NI43-
101 resource development.
On behalf of the Board of Directors,
“Stephen Wallace”
SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director
Contact: Searchlight Resources Inc.
Investor Relations
(604) 331-9326
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on
assumptions as o f the dat e of this news release . These statements reflect managemen t’s
current e stimates, beliefs, intentions and expectations. They are not guarantees of future
performance. The Company cautions that all forward looking sta tements 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 t he need to comply with
environmental and governmental regulations. Accordi ngly, actual and future events, conditions
and results may differ materially from the e stimates, beliefs, intentions and expectations
expressed or implied in the forward-looking information. Except as required under appl icable
securities legislation, the C ompany undertakes no obligation to publicly update or revise
forward-looking information.
NEITHER TSX VENTURE EXCHANGE N OR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXC HANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.