Searchlight Resources Announces Closing of Private Placement Financing
December 29, 2020
Searchlight Resources Announces Closing of Private Placement
Financing
Vancouver, British Columbia, December 29th, 2020 - Searchlight Resources Inc. (“Searchlight”
or the “Company”) (TSX-V: SCLT) is pleased to announce that it has closed a private placement of
flow-through and non-flow-through shares (the “Private Placement”).
The Company issued 752,900 common shares at a price of $0.07 per share for aggregate proceeds of
$52,700. The Company also issued 987,500 flow-through common shares at a price of $0.08 per flow
through share for aggregate proceeds of $79,000.
Shares issued pursuant to the flow-through common shares will entitle the holder to receive the tax
benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act
(Canada).
The Company incurred cash commissions of $1,400 and issued 17,500 broker warrants which expire
2 years from the date of closing. Company management purchased 797,500 shares of the Private
Placement.
Searchlight intends to use the proceeds of the Private Placement to fund exploration expenditures on
its portfolio of mineral properties and for general working capital.
All the securities issued are subject to a four-month hold period from the date of closing.
About Searchlight Resources Inc.
Searchlight Resources Inc. (TSX.V:SCLT; US:CYNCF) is a Can adian mineral exp loration and
development company focused on Saskatchewan, Canada, which has been ranked as the top location
for mining investment in Canada by the Fraser Ins titute. Exploration focus is on gold and batte ry
minerals throughout the Province, concentrating on projects with road access.
Searchlight holds a 427.6 square kilometre land position within the gold and base metal rich Flin Flon -
Snow Lake Greenstone Be lt. The Company is currently advancing its Boo tleg Lake Gold Project
located in Sa skatchewan, less than 10 km from Flin Flon , Manitoba, and which hosts four past
producing high-grade gold mines.
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 se t forth in this news relea se 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. T hey are not guarantees of fu ture 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. Suc h factors include, among oth er things: risks and uncer tainties 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 n o obligation to
publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SE RVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.