Searchlight Resources Inc. announced a private placement of up to 10,000,000 flow-through units at a price of CAD 0.03 per unit for the gross proceeds of CAD 300,000 on December 6, 2023. Each unit consists of one critical mineral exploration flow-through shares and one-half of one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at an exercise price of CAD 0.05 per common share for a period of two years from the date of issue.

Finder's fees will be payable to qualified finders in connection with the placement consisting of 7% cash and 7% finder's warrants, with each finder's warrant exercisable at price of CAD 0.05 for a period expiring 24 months following the closing date of the Offering. Closing of the transaction is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the TSX Venture Exchange. All the securities issuable will be subject to a four-month hold period from the date of closing.