Searchlight Minerals Corp. - Closing of additional $6.67 million private placement - total aggregate gross proceeds of recent pr
March 23 2007 - 8:00AM
PR Newswire (US)
HENDERSON, NV, March 23 /PRNewswire-FirstCall/ -- Searchlight
Minerals Corp. (OTC BB: SRCH) (the "Company"), today announced that
it has closed a private placement offering for aggregate gross
proceeds of US$6,678,483 (the "Offering"). This brings the total
aggregate gross proceeds raised by the Company through private
placement offerings in February and March to $21,965,485. The
securities sold pursuant to the Offering were issued to non-US
investors in accordance with the terms of Regulation S of the
Securities Act of 1933. The Company sold an aggregate of 2,226,161
units for gross proceeds of US$6,678,483. Each unit consisted of
one share of the Company's common stock and one half of one share
purchase warrant with each whole warrant entitling the subscriber
to purchase one additional share for a period of two years from the
closing date at an exercise price of US$4.50 per Share. The
warrants are callable by the Company if the Company's common stock
trades above $6.50 per share for 20 consecutive trading days. The
Offering was sold on a best efforts agency basis. A total of
US$525,386.22 was paid by the Company to the agent in connection
with the Offering and the agent also received warrants to purchase
75,175 shares of the Company's common stock at a price of US$4.50
per share, exercisable for a period of two years from the closing
date. The proceeds from the Offering are intended to be used for
initial construction funding for a precious and base metals
recovery facility at Clarkdale, Arizona and for general corporate
purposes. "This additional financing brings to approximately $22
million the total amount of equity capital raised by the Company in
the past two months," stated Ian McNeil, President and Chief
Executive Officer of the Company. "Along with our recent
acquisition of 100% ownership in the Clarkdale Slag Project, we
believe these financings place the Company in an excellent position
to pursue the development of its minerals projects for the benefit
of our shareholders. Our goal is to bring the Clarkdale Slag
Project into production as soon as possible." About Searchlight
Minerals Corp. Searchlight Minerals Corp. is a dynamic mineral
exploration company focused on the acquisition and development of
projects in the southwestern United States. The Company is
currently involved in two projects: (1) the Clarkdale Slag Project,
located in Clarkdale, AZ, which seeks to recover precious and base
metals from the reprocessing of slag material produced from the
smelting of copper ores from former mines in the Jerome, Arizona
area; and (2) the Searchlight Gold Project, which involves
exploration for precious metals on mining claims near Searchlight,
Nevada. The Clarkdale Project is the more advanced of two ongoing
projects that the Company is pursuing. The Searchlight Gold Project
is an early-stage gold exploration endeavor on 3,200 acres located
approximately 50 miles south of Las Vegas, Nevada. Searchlight
Minerals Corp. is headquartered in Henderson, Nevada, and its
common stock is listed on the OTC Bulletin Board under the symbol
"SRCH". This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Conpany's securities in
the United States. The securities referred in this press release
have not been registered under the United States Securities Act of
1933, as amended and may not be offered or sold within the United
States or to U.S. persons unless an exemption from such
registration is available. Forward-Looking Statements This Press
Release may contain, in addition to historical information,
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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 the U.S. Securities and Exchange
Commission. 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, uncertainty of estimates of
mineralized material, 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: please visit the Company's website at
http://www.searchlightminerals.com/ or contact the Investors
Relations Department at: Ph: (702) 939-5247, Fax: (702) 939-5249,
email: DATASOURCE: Searchlight Minerals Corp. CONTACT: please visit
the Company's website at http://www.searchlightminerals.com/ or
contact the Investors Relations Department at: Ph: (702) 939-5247,
Fax: (702) 939-5249, email:
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