Searchlight Minerals Corp. (OTCPK:SRCH) announced that it has entered into a common stock and warrant purchase agreement for a private placement of 4,250,000 units at a price of $0.3529 per unit for gross proceeds of $1,499,825 on March 25, 2015. The transaction included participation from existing investor Luxor Capital Partners, LP, a fund managed by Luxor Capital Group, LP.

Each unit consists of one share of the company's common stock and one common stock purchase warrant. Each warrant will entitle the warrant holder to purchase one share of the company's common stock, at an exercise price of $0.50 per share for a period up to March 25, 2020. The company issued securities pursuant to exemption provided under Regulation D. Following the transaction, Luxor Capital Group, LP is the beneficial owner of approximately 24.43% of the company's common stock, including giving effect to any warrants or other rights to purchase share of the company's common stock.

Each party shall bear its own fees and expenses in connection with the transaction.