/C O R R E C T I O N from source - Searchlight Minerals Corp./
January 31 2006 - 12:33PM
PR Newswire (US)
In TO056 sent January 30, 2006 at 18:27e an error occurred in the
1st paragraph, 3rd sentence under the heading "Closing of $1.755
Million Private Placement" which should read "Each unit (a "Unit")
consisted of 100,000 Shares of the Company's common stock (a
"Share"), 100,000 purchase warrants..." not "Each unit (a "Unit")
consisted of 45,000 Shares of the Company's common stock (a
"Share"), 45,000 purchase warrants...". Full corrected copy
follows. HENDERSON, NV, Jan. 30 /PRNewswire-FirstCall/ -- The board
of directors of Searchlight Minerals Corp. (the "Company")
announced today the following: Closing of $1.755 Million Private
Placement ------------------------------------------- The Company
has closed its Private Placement of 39 units to raise aggregate
gross proceeds of US$1.755 Million (the "Private Placement"). The
Private Placement units were issued to accredited investors
resident in the United States pursuant to Regulation D of the
Securities Act of 1933. Each unit (a "Unit") consisted of 100,000
Shares of the Company's common stock (a "Share"), 100,000 purchase
warrants with each warrant entitling the subscriber to purchase one
additional Share for a period of two years from the closing of the
Private Placement at an exercise price equal to US$0.65 per Share.
The securities were sold on a best efforts agency basis by S&P
Investors, Inc. (the "Agent") represented by Bruce Lazier. In
connection with the Private Placement, the Agent received a fee of
US$87,750 and warrants to purchase 390,000 shares at a price of
US$0.65 per share for a period of two years from the closing of the
Private Placement. Forward-Looking Statements: Statements in this
news release that are forward-looking statements are subject to
various risks and uncertainties concerning the specific factors
disclosed under the heading "Risk Factors" and elsewhere in the
Company's periodic filings with US securities regulators. When used
in this news release, the words such as "could," "plan",
"estimate", "expect", "intend", "may", "potential", "should", and
similar expressions, are forward-looking statements. The risk
factors that could cause actual results to differ from these
forward-looking statements include, but are not restricted to the
Company's limited operating history, uncertainties about the
availability of additional financing, geological or mechanical
difficulties affecting the Company's planned geological work
programs, operational risk, environmental risk, financial risk,
currency risk, dependence on joint venture partners and other
statements that are not historical facts as disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic
filings with securities regulators in the United States. CONTACT:
Searchlight Minerals Corp. No. 120 - 2441 W. Horizon Ridge Pkwy
Henderson, Nevada 89052 TEL: (702) 939-5247 FAX: (702) 939-5249
DATASOURCE: Searchlight Minerals Corp. CONTACT: Searchlight
Minerals Corp., No. 120 - 2441 W. Horizon Ridge Pkwy, Henderson,
Nevada 89052, TEL: (702) 939-5247, FAX: (702) 939-5249
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