Searchlight Minerals Corp. (OTCPK:SRCH) announced a private placement of 5,028,500 units at $0.20 per unit for gross proceeds of $1,005,700 on September 10, 2014. The transaction will include participation from 23 investors. The company issued securities pursuant to exemption provided under Regulation D.

On October 24, 2014, the company issued 4,395,000 units for gross proceeds of $879,000 in its first tranche to 16 investors. Each unit consists of one share and one half of a common stock purchase warrant. Each full warrant entitles the holder to purchase one share of the company at an exercise price of $0.30 per share for a period of five years from the date of issuance.

On December 8, 2014, the company issued 2,956,375 units for gross proceeds of $591,275 in its second tranche to 11 investors. The company issued a total of 7,351,375 units for total gross proceeds of $1,470,275. Returning investor Luxor Capital Group, LP and Martin Oring, Director, Chief Executive Officer, and President of the company invested $100,000 in the round.