Searchlight Resources Announces Closing of Critical Metals Flow-Through Private Placement
Searchlight Resources Announces Closing of
Critical Metals Flow-Through Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - December 29, 2023) - Searchlight Resources Inc.
(TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to announce that it has
closed a private placement of Critical Metals flow-through units (the "Private Placement") as previously
announced by press release of December 6
th
, 2023.
The Company issued 6,833,400 units at a price of $0.03 per unit (the "Unit") for aggregate proceeds of
$205,002. Each Unit consists of one Critical Mineral Exploration flow-through share and one-half of one
transferable 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 two years from the date of issue. The Critical Minerals Exploration flow-through
shares will entitle the holder to receive the tax benefits applicable to the Critical Minerals Exploration Tax
Credit in accordance with provisions of the Income Tax Act (Canada).
The Company expects to incur cash commissions and finders' fees of $7,000 and 233,338 finders
warrants which will expire two years from the date of closing.
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 Critical Metals mineral properties.
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
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/192759