Searchlight Announces 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 Private Placement Financing
Vancouver, British Columbia, May 8th, 2020 - Searchlight Resources Inc. (“Searchlight”
or the “Company”) (TSX-V: SCLT) is pleased to announce that it intends to complete a private
placement of flow-through and non-flow-through units (the “Private Placement”).
The Company intends to issue up to 17,200,000 units at a price of $ 0.025 per unit (the “ Unit”)
for aggregate proceeds of up to $430,000. Each Unit will consist 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 $0.0 5 per
common share for a period of 3 years from the date of issue.
The Company also intends to issue up to 20,000,000 flow-through units at a price of $0.0 3 per
unit (the “FT Units”) for aggregate proceeds of up to $600,000. 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.
The FT Shares will en title the holde r to receive the tax benefits applicable to flow -through
shares, in accordance with provisions of the Income Tax Act (Canada).
Searchlight intends to use th e proceeds of the Offering to fund exploration expenditures on its
portfolio of m ineral proper ties and for general working capital.
Closing of the proposed Offering is subject to a numb er of conditions, including receipt of all
necessary corporate and regulatory approvals, including approval from the TSX Venture
Exchange. F inders fees may be payabl e in connection with this private placement. All the
securities issuable will be 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 estimates, 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.