en.Wedoany.com Reported - Searchlight Resources Inc. (TSXV: SCLT, OTC Pink: SCLTF) has announced the completion of its previously disclosed private placement, issuing 11.5 million units at $0.10 per unit for total gross proceeds of $1,150,000. The company has also appointed retired professional geologist Doug Andrews as a strategic advisor.
Each private placement unit consists of one common share and one full warrant, with each warrant entitling the holder to purchase one common share at $0.15 per share for a period of three years from the date of issuance. The company paid $33,750 in cash commissions and finder's fees, and issued 332,500 broker warrants. Certain directors of the company subscribed for a total of 400,000 units. All securities issued are subject to a four-month hold period from the closing date. Searchlight plans to use the proceeds from the private placement to fund exploration expenditures for its portfolio of gold projects in Saskatchewan and for general working capital.
Doug Andrews holds a Bachelor of Science degree in Geology from McMaster University and a Master of Science degree in Geology from the University of Manitoba. He began his mining career at Cominco Ltd., Selection Trust, and Petromet Resources Ltd., and currently provides geological consulting services to private and publicly traded exploration companies in the Abitibi Greenstone Belt. He has served as a strategic advisor to Visible Gold Mines Inc. and has worked extensively with Vanstar Mining Resources Inc. on the Nelligan deposit. Most recently, Andrews served as Chief Executive Officer of RT Minerals.
Searchlight Resources Inc. is a Canadian mineral exploration and development company focused on gold projects in Saskatchewan, Canada. The province is ranked by the Fraser Institute as one of the top ten global mining investment destinations. The company holds a portfolio of high-grade gold projects within a 30-kilometer radius of Creighton, Saskatchewan, and Flin Flon, Manitoba.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
