Searchlight Minerals Corp (OTCPK:SRCH) announced a private placement of 5,714,286 units at a price of $0.35 per unit for gross proceeds of $2,000,000 on July 30, 2015. The transaction will include participation from accredited investors. Each unit consists of one common share and one common share purchase warrant.

Each warrant can be exercised to acquire one common share at a price of $0.50 per share for a period of five years from the date of issue. The company will issue securities pursuant to exemption provided under Regulation D.