Searchlight Minerals Corp (OTCPK:SRCH) announced a non-brokered private placement of up to 2,843,000 units at $0.35 per unit for gross proceeds of $995,050 to five investors on May 21, 2015. Each unit will comprise of one common share and one common stock purchase warrant. Each warrant will entitle the holder to purchase one additional common share at $0.50 per share for a period of five years.

The company issued the securities pursuant to exemption provided under Regulation D. The company intends to raise $1,000,000 in the transaction.