Searchlight Minerals Corp. announced that it expects to receive $1 million in funding.
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.