Searchlight Minerals Corp. (OTCPK:SRCH) announced that it has entered into a common stock purchase agreement with existing investors Luxor Capital Partners, LP and Luxor Capital Partners Master Offshore Fund, LP, funds managed by Luxor Capital Group, LP for the private placement of 42,857,143 shares at a price of $0.035 per share for gross proceeds of $1,500,000 on March 18, 2016. Luxor Capital Partners, LP and Luxor Capital Partners Master Offshore Fund, LP invested $390,072 and $1,109,928 respectively.

The company issued the securities pursuant to exemption provided under Regulation D. The securities are restricted. The company shall have obtained all governmental approvals required in connection with the lawful sale and issuance of the shares. Each party shall bear its own fees and expenses related to the transactions.