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FINWIRES

Searchlight Resources Raises C$1.2 Million Via Private Placement Financing

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Searchlight Resources (SCLT.V) closed a private placement offering raising C$1.2 million, it said overnight Thursday.

As part of the offering, the company issued 11.5-million units at C$0.10 apiece. Each unit consists of one common share and one full purchase warrant with each warrant entitling the holder to buy a share for $0.15, for a three-year period from the date of issue.

Proceeds will be used to fund exploration expenses on its portfolio of gold projects in Saskatchewan, and for general working capital needs, it said.

Shares of the company closed down 4.8% to C$0.10 on Thursday on the TSX Venture Exchange.

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