The first tranche of CAD 718,337 has just been closed at a price of CAD 0.08 per unit. In addition, another CAD 160,000 at a unit price of CAD 0.10 came into the coffers via tax-advantaged flow-through funds. In parallel, Searchlight has engaged investment boutique Red Cloud to raise even more flow-through funds at CAD 0.10 per unit. In total, the framework for the entire funding round stands at CAD 2 million. The final tranche of the placement is expected to close by December 15.
Searchlight will use the lion's share of the fresh money on exploration of its brand new uranium discovery. As soon as weather permits in the spring, CEO Steven Wallace plans to send a crew to the site. From geophysical measurements, we already know that high-grade uranium must exist near the surface over an area of 2 kilometers by 500 meters. Only systematic exploration in the field can determine whether the uranium-bearing material is boulders that have been moved by the glacier or in-situ rocks. Although no geologist has yet set foot on the new discovery, the available measurement results may claim a high degree of reliability: After all, the same geopyhsical team that has now made the measurements at Searchlight used the same methods to discover the Patterson Lake deposit (now Fission Energy) years ago. Fission Energy is now known to be worth half a billion CAD on the stock market. Searchlight's valuation - before financing - is still below 9 million CAD at a share price of 0.08 CAD! For more background recommend our interview with Searchlight Chairman Alf Stewart.
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